English Premier League football club Manchester City has suspended a partnership with a startup Crypto Firm because it apparently did not do its due diligence before signing.
According to Daily Mail reporter Jack Gagan, Manchester City are currently “exploring” more about 3key Technologies, the crypto firm with which the club Ink A deal on 12 November. At the time, the football club said it would collaborate with 3key to raise awareness about its reported decentralized money, or DeFi, trading analysis product as a regional partner.
Manchester City has suspended its partnership with “3Key”, a start-up cryptocurrency firm whose executives do not appear to be present on Internet searches. The partnership was announced last week. pic.twitter.com/Hi02Z2IxAR
– Jack Gagan (jack_gagan) November 19, 2021
However, The Guardian reports that Manchester City is moving away from the deal, with the company’s executives having little to no digital footprint, which seems seemingly unproven. Contelegraf could not identify contact information for Ryan Hodder, who was named as Keykey’s chief marketing officer in the announcement.
Paul McInes, a Guardian correspondent, said: “Anyone who has come close to verifying information is a picture of a man with a ginger beard in a checked suit who may or may not be Jacob Kane, 3Key’s ‘chief growth strategist’.”
While it is possible that 3key is a company that provides legitimate services in the DeFi space and its superiors are simply choosing to keep a low profile online, the lack of available information is questionable. Many high-profile personalities were tricked into promoting the scandalous token project during the 2018 ICO boom, including actor Steven Seagal and boxing promoter Floyd Mayweather. However, it is unusual for an organization like Premier League Football Club to publicly announce a partnership with a relatively unknown company in the crypto space and then quickly return without explanation.
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According to Forbes, Manchester City is the sixth most valuable football club in the world, with an estimated value of $ 4 billion. Outside of the 3 key deal, the club announced in March that it had partnered with fan engagement platform Socios.com to launch a fan token on the Chilean blockchain.