FC Barcelona has clarified it has no involvement with a cryptocurrency launched by its new sponsor, Zero Knowledge Proof (ZKP), amid concerns over fan risks. The club signed a three-year sponsorship deal with the opaque crypto firm in mid-November to address financial pressures. Experts warn that such partnerships could mislead supporters into risky investments.
In mid-November, Spanish football club FC Barcelona entered a three-year sponsorship agreement with Zero Knowledge Proof (ZKP), a little-known crypto entity. Shortly after, ZKP announced its own cryptocurrency token, sparking backlash over potential risks to fans who might be enticed to invest due to the club's endorsement.
Barcelona quickly responded with a statement on its website, emphasizing its detachment: "The club has no responsibility for, or involvement in, the issuance or management of this token, nor does it use the associated technology." The club further told fans it has "no connection whatsoever" with the digital coin.
Details about ZKP remain scarce. The firm describes itself as founded by "a pseudonymous collective" operating across "multiple jurisdictions," without disclosing names or a single headquarters. An earlier version of its terms, as reported by the Financial Times, listed an office in Apia, Samoa. ZKP's name draws from zero-knowledge proof technology, which enhances blockchain privacy underlying cryptocurrencies.
This is not ZKP's first sports tie-up; it announced a similar deal with Australia's Dolphins rugby league team in early November. Barcelona's move comes amid ongoing financial struggles, with the club reportedly burdened by debt and seeking diverse revenue streams.
Football finance expert Kieran Maguire noted, "Barcelona's finances in recent years have been perilous, so the club appears to have adopted a strategy of 'bank the money first, ask questions later'." He added that crypto products "seek legitimacy and normalisation" through partnerships with prominent clubs like Barcelona.
University of Sussex professor Carol Alexander highlighted the dangers: "Sponsorship creates an aura of credibility, even when the underlying project is opaque." She urged caution, saying supporters should verify control, documentation, and recourse before buying any crypto asset, noting that with ZKP, "none of those answers are clear."
Presidential candidate Xavier Vilajoana questioned the deal's origins and ZKP's ties to Andrew Tate, one of only three X accounts the firm follows. Barcelona has been approached for further comment.