FC Barcelona publicly backs away from crypto sponsor amid controversy
Football club FC Barcelona has publicly distanced itself from the cryptocurrency launched by its new, little-known crypto startup partner amid backlash that the partnership could expose fans to financial risks.
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Football club FC Barcelona has publicly distanced itself from the cryptocurrency launched by its new, little-known crypto startup partner amid backlash that the partnership could expose fans to financial risks.
Zero-Knowledge Proof (ZKP), described by FC Barcelona as “a privacy-first blockchain technology that operates with decentralised AI,” signed a three-year deal with the club, becoming Barcelona’s official Cryptographic Protocol partner.
According to the FT, little is known about the startup, including the identities of its owners or the source of the $100m in financing it claims to have received. ZKP just says that the project has been founded and developed by "a pseudonymous collective" located in "multiple jurisdictions".
Reportedly, its terms of service are governed by the laws of Samoa, but, as the BBC reports, the firm even claimed it has no single headquarter.
“Everyone asks, ‘Who’s behind this?’” ZKP says on its website, according to the FT. “As if knowing the names would make the code stronger. It won’t. We’re real — engineers, cryptographers, ex-founders, system killers. But we’re not playing the PR game.”
After the partnership was announced, many expressed concern that fans could end up investing in potentially risky coins, as there is so little information about ZKP – especially since it can officially advertise its offering using Barcelona’s online platforms as part of the agreement.
This prompted FC Barcelona to release an official statement on its site to clarify its position – specifically, to express that it is in no way connected to ZKP’s token.
“In light of the information published regarding the launch by the company Zero-Knowledge Proof (ZKP), with whom the club recently formalised a sponsorship agreement making the company the Club’s Official Cryptographic Protocol Partner, FC Barcelona wishes to clarify the following.
“FC Barcelona has no connection whatsoever with the company’s token. The club has no responsibility for, or involvement in, the issuance or management of this token, nor does it use the associated technology. Neither the existence nor the issuance of this token formed part of the sponsorship agreement previously signed with the club.”