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Algorand becomes official blockchain of FIFA

 


The blockchain Algorand will become a technological partner of FIFA and a sponsor of the 2022 World Cup in Qatar and the Women's World Cup in 2023. It was announced today.

Algorand is developing a crypto virtual wallet and platform for digital assets, including NFTs, for FIFA.

In return, FIFA will offer the blockchain company "advertising, media exposure and promotional opportunities."

The President of FIFA, Gianni Infantino, announced in a press release that they are looking forward to a “fruitful and long-term” partnership.

According to the award-winning MIT researcher Silvio Micali, Algorand was invented in 2017 as an answer to Bitcoin's problems, its slowness and heavy energy consumption.

The Algorand network went live in 2020 and uses the Proof of Stake consensus algorithm.

According to its own statements, the blockchain can process one million transactions per second. It markets itself as particularly environmentally friendly. You can read our analysis here .

After the news became known, the Algorand price shot up by almost 20 percent compared to the previous day. According to Coinmarketcap, it is now at almost 68 cents.

The market capitalization is around five billion US dollars. Algorand currently ranks 29th among cryptocurrencies.

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