FC Barcelona’s Crypto Sponsor ZKP Draws Criticism

FC Barcelona has signed a $22 million sponsorship deal with Zero-Knowledge Proof, a little-known crypto company from Samoa, sparking criticism over the partnership’s transparency and financial rationale.

Concerns over ZKP’s opaque operations and the risk of reputational damage have prompted scrutiny, especially as the company conducts an ongoing initial coin offering amid transparency issues.

FC Barcelona’s $22 Million Crypto Deal Sparks Debate

FC Barcelona’s agreement with ZKP marks a significant move into crypto sponsorship. After signing a $22 million deal, the club faces scrutiny due to ZKP’s limited online presence and minimal transparency regarding its leadership and operations.

The deal has led to debates about the club’s financial strategies. Former board member Xavier Vilajoana criticized the sponsorship, identifying financial “desperation” and labeling ZKP’s background as problematic. Concerns rise over associating with a firm mired in obscurity and unresolved transparency issues.

“Extremely worrying and a sign of financial desperation,” regarding the sponsorship deal, highlighting “multiple red flags” in ZKP’s profile, said Xavier Vilajoana, Former Board Member, FC Barcelona.

Expert Warnings on Crypto Sponsorship Risks Intensify

Did you know? Previous crypto deals, like WhiteBIT and FC Barcelona, similarly raised concerns over project legitimacy, reflecting patterns seen in the ZKP partnership.

Ethereum (ETH) is trading at $2,994.30, with a market cap of $361.40 billion. The dominant crypto, comprising 11.68% market share, saw a 1.80% drop in 24-hour prices amid fluctuating investor interest. Data: CoinMarketCap

Coincu researchers point out the risks of engaging with startups devoid of verifiable leadership and financial data. Such actions potentially lead to regulatory scrutiny amid evolving crypto policies, impacting both financial and reputational aspects for entities entering these alliances.