FC Barcelona’s Controversial Partnership with Zero-Knowledge Proof
FC Barcelona is under intense scrutiny following its recent collaboration with the blockchain startup Zero-Knowledge Proof (ZKP), which has drawn attention due to its limited reputation and murky transparency. The club made the announcement on November 15, officially designating ZKP as its blockchain technology partner. This decision has triggered accusations of Barcelona’s financial desperation, raising alarms about the risks it could pose to its fanbase, particularly given ZKP’s questionable background and offshore registration in Samoa, a territory recognized by the EU as a tax haven.
Concerns and Criticism
Critics have highlighted troubling links, notably an Instagram post featuring controversial figure Andrew Tate promoting zero-knowledge proof systems shortly after the partnership was publicized. A video of him endorsing ZKP subsequently surfaced on the company’s Telegram channel, amplifying concerns regarding the legitimacy of the new partnership. ZKP made its debut on social media with only 33 followers, and its first significant project, an auction for 200 million coins, was scheduled for November 21.
Despite ZKP’s claims of transparency on its website, there is a conspicuous absence of information regarding its leadership or the origins of a purported $100 million investment. In a statement, the company asserts,
“Everyone asks, ‘Who’s behind this?’ as if knowing the names would make the code stronger. It won’t. We’re real professionals in the field, but we’re not engaging in PR games.”
Martin Calladine, an expert on the intersection of football and cryptocurrency, voiced his concerns over the lack of transparency, labeling it as “deeply concerning” and warning that fans might be tempted to invest in a product that may lead to financial losses. Former Barcelona football director Xavier Vilajoana expressed alarm at what he perceives as inadequate vetting of ZKP and condemned the club for associating with a figure tied to so many potential red flags, indicative of the financial pressures currently burdening the club.
Barcelona’s Response and Financial Context
Adding to the controversy, Barcelona officially distanced itself from ZKP’s newly announced FCB token on November 26, asserting there is “no connection whatsoever” between the two entities. This partnership unfolds during a tumultuous financial season for FC Barcelona, which has been grappling with the aftermath of excessive player acquisitions between 2017 and 2019, resulting in debt that soared to €469 million along with over €900 million related to stadium renovations. The urgency to generate revenue has driven the club to explore asset sales, including a portion of its income from television rights.
Despite previous missteps, Barcelona has attempted to maintain its presence in the digital asset market, pursuing ventures that have included selling their first NFT for nearly $700,000 and launching FC Barcelona Fan Tokens, which sold out quickly for $1.3 million. While partnerships with cryptocurrency firms have proliferated in football recently, leading to both lucrative and problematic arrangements, many teams such as Inter Milan and Chelsea have experienced early terminations of their agreements. Interestingly, Barcelona’s swift allegations against ZKP and the relative obscurity of the company highlight its unique challenges and the growing caution within the industry regarding crypto collaborations.
