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Algorand signs sponsorship deal with FIFA – ALGO up 20%

 


Algorand has partnered with FIFA to become the football organization's official blockchain partner. FIFA announced this in a press release yesterday, noting that this partnership includes sponsorship and technical aspects. In addition to becoming FIFA's official blockchain platform, Algorand will also offer the organization a blockchain-backed wallet solution.


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


Algorand will also support FIFA in developing their digital assets strategy. While the organization did not provide details about its digital asset strategy, it did mention the use of blockchain for the unhindered exchange of values ​​and assets such as non-fungible tokens (NFTs).


Algorand will receive benefits such as advertising, media exposure and promotional opportunities under this agreement. Commenting on the partnership, FIFA President Gianni Infantino said:


“We are very pleased to announce this partnership with Algorand. The collaboration is a clear sign of FIFA's commitment to continually seek innovative channels for sustainable revenue growth to reinvest in football while ensuring transparency for our stakeholders and football fans around the world - a key element of our vision to make football truly global. I look forward to a long and fruitful partnership with Algorand”.

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Use new technologies for transparency

FIFA Chief Business Officer Romy Gai emphasized that this partnership is an exciting moment for FIFA as it ventures into the blockchain space and the opportunities it brings. He added that FIFA strives to identify and research cutting-edge technologies to help the organization find sustainable and transparent ways to increase revenue and support global football development.


Gai hailed Algorand as a forward-thinking, innovative partner that can help FIFA achieve the above goals. Algorand's founder, Silvio Micali, said the company is focused on promoting inclusivity, opportunity and transparency for all. According to him, this partnership will help highlight the potential of the Algorand blockchain to transform the way everyone experiences the game in the world.


As a result of this partnership, ALGO, the native token of the Algorand network, is up more than 20% in the last 24 hours. At the time of writing, the coin is trading at $0.68.

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