In response to criticism regarding the transaction, the Spanish football powerhouse Barcelona has informed supporters that it has “no connection whatsoever” with the digital coin issued by its new cryptocurrency partner.
In order to generate additional revenue, clubs frequently choose sponsors in unconventional fields. For example, in 2023, Arsenal partnered with Persil for fabric care, while that same year, Manchester City partnered with Kellogg’s for breakfast cereal.
The Spanish football powerhouse Barcelona has told supporters that it has “no connection whatsoever” with the digital token generated by its new cryptocurrency partner in reaction to criticism around the transaction.
Clubs often select sponsors in non-traditional industries to increase revenue. For instance, Manchester City teamed with Kellogg’s for breakfast cereal in 2023, while Arsenal partnered with Persil for fabric care.
But not much is known about Zero Knowledge Proof (ZKP), which signed a three-year sponsorship deal with Barcelona in the middle of November.
Fearing that Barcelona supporters may be convinced to invest in the coin, ZKP distanced themselves from it after disclosing it.
However, very little is known about Zero Knowledge Proof (ZKP), which in mid-November inked a three-year sponsorship agreement with Barcelona.
After ZKP revealed a cryptocurrency, the club distanced itself from it due to worries that Barcelona supporters would be persuaded to invest in it.
‘Substantial risk’
Information on ZKP is scarce, with the company even asserting that it lacks a central headquarters.
However, the Financial Times indicated that a previous version of the company’s terms included an office situated in Apia, the capital of Samoa.
The term ZKP also refers to a technology aimed at improving the privacy of a blockchain—a digital ledger of transactions that supports cryptocurrencies.
From Bitcoin to blockchain: Essential cryptocurrency terms and their definitions.
The agreement with Barcelona arrives as the football team is allegedly encountering difficulties in generating income and reducing its debt.
“Barcelona’s financial situation in the last few years has been precarious, leading the club to seemingly embrace a strategy of ‘secure funds first, inquire afterward,'” stated football finance expert and writer Kieran Maguire.
He stated to the BBC that “crypto products look for legitimacy and acceptance from individuals who speculate on their offerings.”
Collaborating with a football club, especially one as renowned as Barcelona, “assists in realizing those goals,” he stated.
Former Barcelona youth player Xavier Vilajoana, who is said to be seeking the presidency, urged the club to explain the origins of the deal in a post on X.
He inquired with the club regarding ZKP’s connection to self-identified misogynist Andrew Tate – one of just three X accounts that the crypto company follows on the platform.
The BBC has contacted Barcelona for a reply.
