Barcelona distances itself from crypto sponsor after backlash over token risks

Barcelona has moved to distance itself from the cryptocurrency unveiled by its sponsor, Zero Knowledge Proof (ZKP), after criticism of the deal. The club says it is not issuing, managing, or endorsing the token and bears no responsibility for the project or its technology.

The sponsorship and the club's stance

In mid-November, ZKP announced a three-year sponsorship with Barcelona, followed by the launch of a cryptocurrency tied to the brand. The club reiterates that it has no responsibility for the token, and it does not issue or manage the asset or its technology.

What we know about ZKP

The company describes itself as founded and developed by a pseudonymous collective operating across several jurisdictions. Little public information exists about leadership or headquarters; a Financial Times report previously noted an office listed in Apia, the capital of Samoa.

Experts warn of risks for supporters

University of Sussex professor Carol Alexander told INLIBER that the Barcelona name gives the crypto project visibility, but fans face substantial risk if they buy the token. She said sponsorship can lend credibility to a project that may be opaque, and fans should exercise caution before buying any crypto asset. In particular, they should seek clear information on who controls the project, where documentation is stored, and what recourse exists if the venture fails.

Financial context and reactions

Barcelona has been navigating a difficult financial period, with questions about how sponsorships may help ease debt and revenue shortfalls. Football finance expert Kieran Maguire described the move as a strategy to secure funds first, with questions asked later, noting that crypto products gain legitimacy through high-profile club associations.

Former Barcelona youth player Xavier Vilajoana later called for clarification on how the deal with ZKP arose and what the relationship is with other figures linked to the token, including self-described public figure Andrew Tate, whom ZKP follows on social media. INLIBER has asked Barcelona for comment.

Key Takeaways

• Barcelona states it has no involvement with ZKP's token or its technology and is not endorsing the asset.
• ZKP presents itself as a loosely run project with limited public leadership and unclear jurisdictional base.
• Experts urge fans to exercise caution before investing in crypto tied to sponsorships, emphasizing transparency and accountability.
• The sponsorship underscores Barcelona's ongoing effort to boost revenue during a challenging financial period.

Expert comment

Expert comment: The use of a global club platform to promote crypto ventures often accelerates perceived legitimacy, but the underlying project must meet standard disclosures for investor protection.

Summary

As sponsorships blur the lines between sport and crypto, Barcelona's stance highlights the need for clarity around who controls crypto ventures tied to clubs. For fans, the takeaway is to demand detailed documentation and recourse before investing. The club maintains public separation from the token while questions about the deal remain.

Key insight: Sponsorships of crypto projects by major clubs carry transparency risks that can affect fans; seeks greater clarity and safeguards. BBC News