Following the suspension of Manchester City FC’s association with the agency in November, it is now reportedly confirmed that the football club has severed all ties with the crypto firm 3Key Technologies.
According to The Times, 3Key Technologies is supposedly registered in Seychelles, yet no confirmation of its existence can be found in the country’s company directory.
Manchester City’s association with the cryptocurrency firm has now come to an end, according to the Daily Mail, which also alluded to the fact that the firm’s senior executives were unknown.
The organization’s brief connection with 3Key Technologies isn’t the first time it’s dabbled in crypto. Manchester City is just one of many soccer clubs around the world that have recently shifted their focus to cryptocurrency.
Football Fan Token
Manchester City and Socios, a tokenization platform, created their CITY fan token in March of last year. Fans can use the club-affiliated token to collect VIP perks and club promotions.
The rise in soccer club tokens isn’t limited to Manchester City. The BBC reported last month that over $350 million had been spent on these fan tokens, with funding coming from the English Premier League and other European soccer clubs.
As significant as these figures are, fan tokens have also become a source of contention. Sue Watson, a West Ham fan, told the BBC, “My knowledge of the crypto market is limited, to say the least, and I’m probably representative of a great number of run-of-the-mill football followers who are not traders on the crypto market.”
The Advertising Standards Authority (ASA) in the United Kingdom has taken note of fan tokens. The Advertising Standards Authority (ASA) banned Arsenal FC’s AFC token advertising last month, calling them “irresponsible.”
The advertising “trivialized investment in crypto assets and took advantage of consumers’ inexperience or naivety,” according to the ASA.
