Manchester City and FC Barcelona have ended their crypto-partnerships
FC Barcelona and Manchester City chose to dissociate themselves from crypto firms that failed to fulfill industry standards earlier this month, ending two high-profile agreements between soccer teams and crypto startups.
The first scenario was a partnership between 3Key Technologies and Manchester City, a Premier League powerhouse.
After internet sleuths discovered that three of the company’s senior management had no detectable digital presence, the collaboration had to be put on hold.
Manchester City elected to cut ties with 3Key immediately after being chastised for the hasty way in which the alliance was formed. An internal investigation will evaluate if 3Key is a suitable partner.
Meanwhile, the arrest of Moshe Hogeg, a crypto investor and a listed consultant for Ownix, forced Barcelona FC to cut connections with the firm.
Barcelona was one of the most actively courted soccer clubs, with a slew of NFT markets and crypto stock exchanges vying for a sponsorship agreement. Ownix received the award in the end.
Observers have suggested that, despite both teams’ quick reactions, both soccer clubs must have focused on the money first and lost out on due research along the way.
In light of those instances, Timothy Mangnall of Capital Block told Cointelegraph that teams should be more cautious about how they sign such partnerships and not be misled by hype.