Football fans were elated following the entry of many clubs into the crypto space. Manchester City, a prominent English Premier League football club surprised its fans by partnering with a crypto firm. However, within just a week, the platform withdrew its deal.
The crypto-verse is home to an array of platforms. With thousands of coins in the market, the exchanges or firms surrounding have also multiplied. While the emergence of these platforms has aided in the growth of the industry, scammy projects sometimes camouflage amidst the good ones bringing great loss to investors. Identifying these kinds of projects can be difficult at times but is never impossible. Manchester City decided to step up and break off its partnership with 3key Technologies.
Back on November 12, Manchester City struck a deal with 3key to spread the word about the prospects of decentralized finance aka DeFi. The senior vice president of Global Partnership Sales, City Football Group, Stephen Cieplik stated,
“We are excited to partner with 3Key in their journey to simplify the decentralised finance (DeFi) trading analysis user experience through the power of football to engage with our fans with a range of content and activations.”
However, the football club revealed it wanted to withdraw the partnership after it conducted its due diligence.
Manchester City suspends deal with DeFi firm
Almost every firm across the globe has an online presence. Not only the firm but the people part of it also make sure to leave a digital footprint. During the investigation conducted by the football club, it was noted that the executives of 3key Technologies did not have a major online presence.
While there is no proof that 3key is a scammy project, several in the community believed that its low-key online presence was suspicious. Further considering the list of prominent personalities getting duped over crypto projects, Manchester City’s decision to withdraw the partnership seemed legit.