Blockchain network, Algorand, has signed a deal with FIFA, the international governing body of football, to be the official blockchain platform of the football association.
On May 3, Algorand, announced that it has partnered with FIFA striking a sponsorship and technical partner deal as well as to provide the official blockchain-supported wallet solution to the football association.
As per the agreement, Algorand will 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.
BREAKING: @FIFAcom has announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more 👉 https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6
— Algorand (@Algorand) May 2, 2022
How Does The Partnership Impact Algorand’s Native Token?
The partnership bore good news for Algorand’s native token ALGO. Moments after the announcement, ALGO soared by almost 25 per cent to hit a multi week high. At the time of writing ALGO is hovering around $0.7294, up by almost 22 per cent in the last 24 hours.
According to the official blog post, Algorand will also assist FIFA in further developing its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure and promotional opportunities. FIFA President Gianni Infantino who seemed delighted to announce the partnership, said that, FIFA is looking forward to a long and fruitful partnership with Algorand. He noted,
“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.”
Silvio Micali, founder of Algorand, expressed that since the very beginning, Algorand has focused on building technology that promotes inclusivity, opportunity and transparency for all of its users. He remarked,
“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.”
FIFA’s Tryst With Crypto Industry
FIFA Chief Business Officer Romy Gai added that the deal is an exciting moment for FIFA, as it officially enters into the world of blockchain and the opportunities this presents across various applications.
This agreement comes on the heels after FIFA announced that cryptocurrency exchange, Crypto.com will be an Official Sponsor of the FIFA World Cup Qatar 2022. The grand sporting event scheduled to be held later this year will help Crypto.com, activate its official sponsorship of the FIFA World Cup 2022 in many ways, including by providing opportunities for new and existing users to attend matches during the tournament or win exclusive merchandise.