Barcelona football club distances itself from ZKP cryptocurrency

Spanish football giant FC Barcelona has moved quickly to distance itself from the cryptocurrency launched by its new sponsor, Zero Knowledge Proof (ZKP).

The club issued a statement telling fans it has “no connection whatsoever” with the digital token. The move follows a sharp backlash from supporters and financial experts.

Barcelona recently signed ZKP as its Official Cryptographic Protocol Partner. The three-year deal was met with immediate controversy.

A little-known firm, ZKP announced the creation of a coin shortly after the partnership. This led to serious concerns fans could be misled into high-risk investment schemes.

The club immediately issued a public statement. It clarified the token was not part of the sponsorship agreement. It affirmed it has no role in the coin’s issuance or management.

The central controversy is ZKP’s extreme opacity. The firm’s leadership is described as a “pseudonymous collective.” The identities and locations of those behind the project remain secret.

Experts have quickly weighed in on the danger. Professor Carol Alexander warned the sponsorship grants an “aura of credibility” to an opaque venture. She stated this creates a “substantial risk” for supporters who buy the tokens.

The deal is widely seen as driven by Barcelona’s serious financial woes. The club is currently grappling with massive institutional debt. Analysts suggested the club adopted a desperate “bank the money first” strategy.

The controversy was amplified by ZKP’s decision to promote controversial influencer Andrew Tate. This clash with the club’s public values has intensified criticism. Barcelona’s swift action is an attempt to limit further reputational damage.