Barcelona Backs Away from Crypto Sponsor Amid Fan Backlash and Mystery Token

FC Barcelona, one of the most famous football clubs in the world, has recently made headlines after distancing itself from a cryptocurrency launched by its new sponsor, Zero Knowledge Proof, or ZKP. The club told its fans that it has 'no connection whatsoever' with the digital coin that ZKP introduced, following criticism and concerns from supporters. Football clubs often look for sponsors in different industries to boost their income, and in November, Barcelona signed a three-year sponsorship deal with ZKP. Soon after, ZKP announced its own cryptocurrency, which led to worries that fans might be encouraged to invest in it. Barcelona responded by saying it is not involved in the creation, management, or use of the coin or its technology.

ZKP is a mysterious company, and not much is known about it. It also signed a similar sponsorship deal with the Australian rugby league team Dolphins. On its website, ZKP claims to be founded by a 'pseudonymous collective' spread across 'multiple jurisdictions,' meaning the people behind it do not reveal their real names or locations. This lack of transparency has raised concerns among experts and fans. Professor Carol Alexander from the University of Sussex explained that having Barcelona as a sponsor gives ZKP a lot of visibility and credibility, but it also brings 'substantial risk for supporters who buy the tokens. ' She advised fans to be cautious and to ask important questions before buying any crypto asset, such as who controls it, where the official documents are, and what happens if the project fails. With ZKP, these questions remain unanswered.

The details about ZKP are scarce, and the company even claims it does not have a single headquarters. However, the Financial Times reported that an earlier version of ZKP's terms listed an office in Apia, Samoa. The name ZKP also refers to a type of technology that improves privacy on blockchains, which are digital records used in cryptocurrencies. Barcelona's deal with ZKP comes at a time when the club is reportedly struggling to raise money and reduce its debt. Football finance expert Kieran Maguire said that Barcelona's finances have been in trouble, so the club may have taken the sponsorship deal without asking too many questions. He also noted that crypto companies want to look legitimate and normal, and partnering with a famous football club helps them achieve that. Former Barcelona youth player Xavier Vilajoana, who wants to be the club's next president, has asked for more information about the deal and about ZKP's connection to Andrew Tate, a controversial figure the company follows online. The BBC has contacted Barcelona for a response.