Algorand becomes official blockchain platform of FIFA
The partnership will also see Algorand help to develop FIFA’s digital assets strategy
The international governing body of association football outlined that the sponsorship and technical partnership deal makes Algorand FIFA’s “official blockchain-supported wallet solution”.
Additionally, Algorand will be a FIFA World Cup Qatar 2022 regional supporter in North America and Europe and a FIFA Women’s World Cup Australia and New Zealand 2023 official sponsor.
Assist in developing FIFA’s digital asset strategy
The partnership will see Algorand help to develop FIFA’s digital assets strategy while the blockchain network will be provided with sponsorship access to advertising, media exposure and promotional opportunities through FIFA.
Silvio Micali, the founder of Algorand who is also a professor of computing science at the Massachusetts Institute of Technology (MIT), said: “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.”
‘Exciting moment for FIFA’
Romy Gai, chief business officer at FIFA, said: “This announcement is an exciting moment for FIFA, as it officially enters the world of blockchain and the opportunities this presents across various applications.
“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.”
Gianni Infantino, president of FIFA, 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.”
Algorand’s native cryptocurrency, ALGO, has shot up by 20.23% to $0.7107 according to CoinMarketCap, following the announcement of the FIFA partnership. However, ALGO has spent most of 2022 on a downward trend after it acheived a high of $1.83 on 4 January.