Algorand signs a sponsorship deal with FIFA; ALGO surges 20%

Algorand has teamed up with FIFA to become the football organization’s official blockchain partner. FIFA revealed this news through a press release yesterday, noting that this partnership involves sponsorship and technical aspects. Apart from becoming FIFA’s official blockchain platform, Algorand will offer the organization a blockchain-supported wallet solution.

According to the press release, Algorand will also become a FIFA World Cup Qatar 2022 regional supporter in North America and Europe. Additionally, the blockchain network will become the official sponsor of FIFA Women’s World Cup Australia and New Zealand 2023.

Algorand will also help FIFA develop its digital assets strategy. While the organization did not reveal details about its digital assets strategy, it mentioned the blockchain’s use for the untampered exchange of value and assets like non-fungible tokens (NFTs).

Algorand will get benefits like advertising, media exposure, and promotional opportunities under this agreement. 

Commenting on this partnership, FIFA’s 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.”

Tapping new technology for transparency and inclusivity

Romy Gai, FIFA’s Chief Business Officer, noted that this partnership is an exciting moment for FIFA as it ventures into the blockchain space and the opportunities it offers. He added that FIFA strives to identify and explore cutting-edge technology to help the organization create sustainable and transparent ways to increase revenue and support global football development.

Gai touted Algorand, saying it is a forward-looking, innovative partner that can help FIFA achieve the above goals.

Silvio Micali, Algorand’s founder, said the firm focuses on promoting inclusivity, opportunity, and transparency for all. According to him, this partnership will help highlight the Algorand blockchain’s potential to disrupt how everyone experiences the world’s game.

As a result of this partnership, ALGO, the native token of the Algorand network, surged gained more than 20% over the past 24 hours. At the time of writing, the coin is trading at $0.70. 

Algorand’s partnership with FIFA comes after crypto exchange Crypto.com teamed up with the organization to become the official sponsor of this year’s World Cup.

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