Manchester City has suspended its partnership with mysterious cryptocurrency start-up 3Key.

The company was named by City as “official regional partner in decentralized financial transaction analysis” last week as part of a business expansion by the Premier League champions. However, this process has now been halted, with the decision believed to be based on 3Key’s lack of online presence.

As the Guardian reported on Wednesday, those named as 3Key executives in a recent press release do not have a digital footprint, while on Tuesday two websites associated with 3Key were taken offline.

“Manchester City exercise due diligence in all of their partnerships,” said a spokesperson for the club. “Manchester City’s partnership with 3Key Technologies has been announced but has not been activated for any specific product or service in any part of the world.

“Driven by the club’s interactions with 3Key Technologies in recent days, Manchester City are currently conducting further investigations into 3Key Technologies and the partnership has been suspended pending a satisfactory resolution of all such requests. “

Announcing the deal last week, City hailed the tie-up. Stephen Cieplik, Senior Vice President of Global Partnership Sales for City Football Group, said: “We are delighted to partner with 3Key on their journey to simplify the user experience of Decentralized Financial Transaction Analysis (DeFi) using the power of football to interact with our fans with a range of content and activations. 3Key has not yet commented.