Algorand become FIFA's official blockchain platform
The world football’s governing body has teamed up with the blockchain company to agree a sponsorship and technical partnership deal.
Green blockchain technology company Algorand will become the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution.
As part of the agreement, Algorand will assist FIFA in further developing its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure and promotional opportunities. Algorand will also 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.
Following the announcement, Algorand ALGO shot into a rally that led to its share price rising by around 20%. The cryptocurrency is currently trading at $ 0.7285, with a market cap of $ 4.94 billion (at the time of writing).
“We are delighted to announce this partnership with Algorand" said FIFA President Gianni Infantino. "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.” “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” said Silvio Micali, founder of Algorand.
Founded by Turing Award-winning cryptographer Silvio Micali, the Algorand blockchain is the technology of choice for over 2000 global organisations, governments and digital-native defi applications. In particular, Algorand helps organisations in finance, gaming, music, art and the sports world that seek to adopt Web3 digital capabilities as a path to accelerate growth, inclusiveness, transparency and innovation in an environmentally responsible way.