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Algorand Inks a Sponsorship Deal with FIFA

US blockchain firm Algorand has joined hands with FIFA, signing a sponsorship and technical partnership deal. FIFA announced this news yesterday, noting this partnership will see Algorand become its official blockchain network. Additionally, Algorand will provide FIFA with a blockchain-powered wallet solution.

According to the announcement, this collaboration will also see Algorand support the FIFA World Cup Qatar 2022. Specifically, the firm will be the World Cup’s regional supporter in North America and Europe. Moreover, the blockchain will become an official sponsor of the FIFA Women’s World Cup Australia and New Zealand 2023.

On top of this, Algorand will help FIFA further its digital assets strategy. FIFA did not share details about its digital assets plan. However, it mentioned the blockchain’s use in non-fungible tokens (NFTs).

In exchange for the support offered to FIFA, the blockchain will get sponsorship assets, including advertising, media exposure, and promotional opportunities.

Commenting on this partnership, FIFA President Gianni Infantino said this collaboration indicates FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth. He added that growing the revenue would help FIFA ensure transparency to its stakeholders and worldwide football fans. 

Promoting inclusivity and Transparency

According to Silvio Micali, Algorand’s founder,

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’s Chief Business Officer, Romy Gai, said this partnership is an exciting moment for FIFA as it enters into the world of blockchain and the opportunities it presents across various applications.

He added,

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 (ALGO) gains 21%

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Following this bullish announcement, ALGO, the native token of the Algorand network, surged significantly. At the time of writing, ALGO is changing hands at $0.7302 after gaining 21.53% over the past 24 hours. Despite this impressive performance, the coin is still down 77.81% from its July 21, 2019, all-time high of $3.28.

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