FIFA, soccer’s global governing body, locked in Algorand as official blockchain partner before the World Cup competition that will commence in the month of November this year, in Qatar. Algorand tokens ascended as the network was selected as the official blockchain of the upcoming football World Cup.
As per the agreement, Algorand will be a “regional supporter” for the World Cup in North America and Europe, and an official sponsor of the Women’s World Cup Australia and New Zealand next year. The agreement comes several weeks after the digital asset exchange Crypto.com became a sponsor of the 2022 World Cup.
Algorand will provide the official blockchain-supported wallet for FIFA in what is a sponsorship and technical partnership deal. As per the deal, FIFA will get assistance from Algorand to “further develop its digital assets strategy” and Algorand will have the opportunity for promotions, advertising and media exposure through FIFA.
The partnership was declared by FIFA President Gianni Infantino and Algorand founder Silvio Micali in Los Angeles.
In a statement, Infantino mentioned,
“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.”
According to CoinGecko data, Algorand’s native ALGO tokens rose more than twenty percent in the last twenty four hours, with the bulk of the move taking place after the FIFA announcement.
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