Barnsley Will Cease Its Crypto Partnership with Hex.com
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League One Barnsley – a professional football club based in South Yorkshire, England – is set to end its deal with a cryptocurrency company that featured the company’s name on players’ shirts. The company – known as Hex.com – is accused of posting discriminatory and offensive social media posts.
Barnsley says goodbye to Hex.com
Barnsley have only been a partner of Hex.com for a few short weeks, yet the club are already looking to pull out of the business as it appears to be attracting a lot of bad publicity. Although the messages in question may not have come from the company itself, they are likely to have been sent by certain individuals who breached the terms of the contract the company had with Barnsley.
The football club stated in its statement:
Barnsley Football Club values our fans and our core beliefs above all else. Following recent events and subsequent investigation, the club has assessed its relationship with its shirt sponsor and has taken steps to end the relationship immediately. The HEX.com logo will not appear in the team’s kits in the future. Additional comments will be posted in due course.
The situation is prompting calls for the Football Supporters’ Association to review common standards for both games and crypto companies to ensure due diligence is carried out before partnerships are established.
Over the past few years, joining hands between sports teams or athletes and crypto companies has become relatively common. One of the biggest partnerships in the history of the space is likely to be between crypto exchange FTX and star quarterback and football legend Tom Brady. Not long ago, Brady appeared in a television commercial created by FTX that poked fun at the mining process.
In addition, FTX entered into a partnership with the Florida softball team The Seminoles. The team members would ultimately receive payments in cryptocurrency if the company was allowed to use their names, images and likenesses in various advertisements on social media platforms and other functions.
Sports and crypto… a perfect match?
Kaley Mudge – FSU’s outfielder – explained in an interview:
FTX initially contacted me and I just helped set up a few Zoom meetings to learn more about what cryptocurrency was and what they would expect from us in the store. We are not allowed to do team contracts, but they offered each of us individual contracts for those interested. Most of the team is involved in the contract… They have been very helpful. It’s been a fun deal.
At the time of writing, cryptocurrency is currently unregulated in the United Kingdom, where Barnsley is located. This has resulted in various regulatory agencies seeking to crack down on crypto advertising and related establishments.