Manchester City officials sign and suspend partnership with mysterious crypto firm within a week

Manchester City officials sign and suspend partnership with mysterious crypto firm within a week

Manchester City, an English Premier League football team, has ended a partnership it had with a startup cryptocurrency firm. It seems that the company did not do its due diligence before signing.

Jack Gaughan, Daily Mail reporter, says Manchester City is “conducting further inquiries” about 3key Technologies, the crypto company with which it inked a contract on Nov. 12. The football club stated that it was working with 3key to increase awareness about its decentralized finance products, also known as DeFi, and would collaborate with them in order to promote 3key’s regional partners.

Manchester City has ended its partnership with 3Key, a startup cryptocurrency company whose executives don’t seem to be showing up in internet searches. Last week, the announcement of partnership was made. pic.twitter.com/Hi02Z2IxAR
— Jack Gaughan (@Jack_Gaughan), November 19, 2021

According to The Guardian, Manchester City has decided to withdraw from the agreement. Online searches revealed that executives of the company had very few digital footprints. The information provided seemed unverifiable. Cointelegraph could not locate Ryan Hodder’s contact information, who was named in the announcement as 3key’s chief marketing officer.

Paul MacInnes, Guardian reporter, said that the closest anyone has come is a photo showing a man wearing a ginger beard and wearing a suit. This may or may not be 3Key’s ‘chief growth strategist’ Jacob Caine.

It is possible that 3key provides legitimate DeFi services and its top-ups choose to keep their profile low online. However, it is suspicious that there is not enough information. During the 2018 ICO boom, many high-profile people were tricked into promoting scam tokens. This included Floyd Mayweather and actor Steven Seagal. It is not common for a Premier League football team to announce a partnership with an unknown crypto company and then quickly withdraw without explanation.

Related: Animoca Brands opens Manchester City for collectibles and games

Forbes reports that Manchester City is the sixth most valuable soccer club in the world with an estimated $4 billion value. The club announced that it had entered into a partnership with Socios.com in March to launch a Chiliz fan token.

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