By Utulu HopeBlockchain News
Algorand will help FIFA develop its digital assets strategy further while also promoting its global awareness.
FIFA Partners With Algorand
The world’s largest football governing body, Fèdération Internationale de Football Association (FIFA), sealed a deal with blockchain technology company Algorand on Monday, May 2. FIFA collaborated with the blockchain platform to approve a sponsorship and “technical partnership” agreement.
The technical partnership deal means Algorand will help FIFA develop its digital assets strategy. In addition, FIFA will provide the platform for Algorand’s global awareness through advertising, media exposure, and promotional opportunities.
FIFA president Gianni Infantino and Founder of Algorand Silvio Micali confirmed the partnership during a business conference held in Los Angeles. Additionally, FIFA published an official press release revealing the partnership details on May 2. The partnership was also announced through Twitter by both platforms.
“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 worldwide football fans – a key element of our Vision to make football truly global. I look forward to a long and fruitful partnership with Algorand,” Gianni Infantino said.
Algorand is now the official sponsor of the world’s largest footballing body. In addition, blockchains facilitate innovations such as Non-fungible Tokens (NFT), security, Decentralized Exchange (DEX), and more. Thus, the blockchain company will provide an official blockchain-supported wallet solution for FIFA while gaining awareness by supporting FIFA’s tournaments.
Algorand will be the regional supporter for FIFA Qatar 2022 World Cup in Europe and North America. Additionally, the blockchain network provider will be the official sponsor of the FIFA Women’s 2023 Australia and New Zealand 2023 World Cup.
Huge Cryptocurrency Adoption
The move shows FIFA’s recent interest in the crypto space. Previously, FIFA partnered with a global cryptocurrency exchange platform, Crypto.com, as reported by Web3Wire on March 23. The most recent partnership with Algorand is another boost for cryptocurrency adoption at large.
Algorand founder Silvio Micali expressed excitement at the agreement during the business conference, adding that the deal will promote the blockchain’s potential through the biggest sporting event.
“This partnership with FIFA, the most globally recognized and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game,” Silvio said.
What is Algorand:
Algorand is a decentralized, scalable, and secure blockchain infrastructure. The sustainable blockchain powers the economic models of the future, ranging from generative NFTs to Decentralized Finance. It is also a proof-of-stake cryptocurrency protocol with a governance token known as $ALGO.
The blockchain is designed to process transactions at a fast pace. The blockchain also serves as a host for building blockchain-based protocols and cryptocurrencies.
Where to find Algorand:
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