Key takeaways:
- Algorand has inked a sponsorship agreement with FIFA to become the official blockchain platform of this year’s World Cup
- As a part of the deal, Algorand will help FIFA develop its digital asset strategy and uncover new growth opportunities
- Earlier this year, Crypto.com partnered with FIFA to become the exclusive cryptocurrency trading sponsor of this year’s World Cup
Algorand to become the official blockchain platform of FIFA
FIFA, an international governing body of football, has announced a partnership agreement with Algorand. As a part of the newly penned deal, the cryptocurrency company will become the “official blockchain platform” of FIFA and its exclusive wallet solution.
The Monday press release outlined the parameters of the partnership between Algorand and FIFA:
“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.”
The press release also noted that the agreement between the two companies will be a sort of a quid pro quo, with Algorand aiding FIFA in developing its digital asset strategy and FIFA providing Algorand with “advertising, media exposure and promotional opportunities.”
Romy Gai, FIFA’s Chief Business Officer, said in a statement that Algorand is a “forward-looking” and “innovative partner” that will help FIFA seize new growth opportunities, particularly in regard to blockchain technology.
Founded in 2017 by MIT professor Silvio Micali, Algorand is a Proo-of-Stake blockchain network focused on decentralization, scalability, and security. As a Layer 1 smart contract-enabled blockchain platform, Algorand is a direct competitor to Ethereum, Solana, Avalanche, and other similar networks.
Algorand’s native ALGO token jumped more than 13% on the news of the FIFA deal and is–at press time–the best performing top 100 coin of the last 24 hours.
The news of FIFA partnering with Algorand comes about a month after digital asset trading platform Crypto.com signed a deal with the leading sports organization to become the exclusive cryptocurrency trading sponsor of FIFA World Cup Qatar 2022.
