English Premier League football club Manchester City has suspended an association with a startup crypto firm after apparently not doing its due diligence before signing. According to Daily Mail reporter Jack Gaughan, Manchester City is right now “conducting further enquiries” in regards to 3key Technologies, the crypto firm with which the club inked an deal on Nov. 12. At that time, the football club said it would team up with 3key to raise awareness of its reported decentralized finance, or DeFi, exchanging analysis items as a regional partner.
“The closest to verified information is a photo of a man with a red beard in a plaid suit who may or may not be 3Key’s ‘chief growth strategist’ Jacob Caine,” the reporter said. Guardian, Paul MacInnes.
However, Manchester City are reportedly pulling out of the deal after online research reported by The Guardian revealed that company executives had little to no digital fingerprints, with the information appearing to be unverifiable. TBEN was unable to locate contact details for Ryan Hodder, appointed 3key’s marketing director in the ad.
While it’s possible that 3key is a company providing legitimate services in the DeFi space and their superiors are simply choosing to keep a low profile online, the lack of information available is suspect. Many prominent figures were duped into promoting scam token projects during the 2018 ICO boom, including actor Steven Seagal and boxing promoter Floyd Mayweather. However, it is unusual for an organization such as a Premier League football club to publicly announce a partnership with a relatively unknown company in the crypto arena and then quickly withdraw without explanation.
Manchester City are said to be the 6th most valuable football club in the world, with an estimated value of $ 4 billion according to TBEN. Apart from the 3key deal, the club also announced in March that it had partnered with the fan engagement platform Socios.com to launch a fan token on the Chiliz blockchain.
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