FIFA, a world football governing body, has announced that it has signed “a sponsorship and technical partnership deal” with blockchain startup Algorand, “a permissionless, pure proof of stake blockchain that ensures full participation, protection and speed within a truly decentralised network.”
According to the press release issued by FIFA on Monday, May 2, the agreement means Algorand will become the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution. Also, Algorand will assist FIFA in further developing its digital assets strategy.
Under the partnership, Algorand will become a FIFA 2022 World Cup regional supporter in Europe and North America, as well as the Women’s FIFA World Cup 2023 supporter in Australia and New Zealand.
In a statement, FIFA President, Gianni Infantino said, “We are delighted to announce this partnership with Algorand. The collaboration is a clear indication of FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth for further reinvestment back into football ensuring transparency to our stakeholders and world-wide football fans – a key element of our Vision to make football truly global. I look forward to a long and fruitful partnership with Algorand.”
FIFA Chief Business Officer, Romy Gai, noted that the partnership marks an exciting moment in the organisation’s history, as the collaboration creates the perfect opportunity for the world football governing body to delve into the world of cryptocurrencies and to explore the opportunities associated with the asset class.
“At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable and transparent means of increasing revenues to continue to support global football development. Algorand is clearly a forward looking, innovative partner that can help us achieve these goals.”
Algorand Founder, Silvio Micali says, “From the beginning, Algorand has focused on building technology that promotes inclusivity, opportunity and transparency for all. This partnership with FIFA, the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”
FIFA X Crypto
Although Algorand is FIFA’s first-ever blockchain partner, it is not its first crypto partner. Prior to this sponsorship deal with Algorand, in March, Technext reported a partnership deal between FIFA and crypto exchange – Crypto.com.
The crypto trading platform announced that it would be a sponsor of the 2022 World Cup. Under the terms of the deal, Crypto.com advertisements will be displayed on tournament stadia and outside football grounds during the FIFA World Cup 2022, which will be broadcast to billions of viewers worldwide.
Effects on Algorand
The development had an instant impact on the market price of $ALGO. The coin traded at a low of $0.58 on Monday before the announcement but surged as high as $0.73 yesterday.
ALGO ranks No. 29 among digital currencies by market capitalisation, trades around $0.66 at press time, and has now got the interest of investors.
Those predictions might come into play due to the exposure and boost ALGO is going to be getting with the most-watched football event in the world.
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