As we approach the FIFA World Cup 2022 in Qatar, FIFA—the global governing body of football—has been strengthening partnerships with key players in the blockchain space. To that end, FIFA has signed a technical sponsorship agreement with Algorand, a public blockchain platform.
Under the agreement, Algorand will provide an official blockchain-powered wallet solution and serve as a regional supporter of the FIFA World Cup Qatar 2022™ in North America and Europe.
At the announcement, FIFA President Gianni Infantino said:
“We are delighted to announce this partnership with Algorand. This collaboration clearly demonstrates FIFA’s commitment to continuously explore innovative channels for sustainable revenue growth, enabling further reinvestment back into football and ensuring transparency for our stakeholders and global football fans—an essential element of our vision to truly globalise the game. I look forward to a long and fruitful partnership with Algorand.”
Algorand to help FIFA develop a digital assets strategy
Blockchain technology has gained momentum for its ability to host and manage a variety of digital assets. Algorand will support FIFA in developing its digital assets strategy, while FIFA will provide sponsorship assets such as advertising opportunities, promotions and media exposure.
The Algorand blockchain currently hosts more than 2,000 decentralized finance (DeFi) applications and supports global organisations. Algorand also works with entities across industries including gaming, art, music, sport and finance, continuing to adopt Web3 capabilities that promote inclusivity, growth and transparency.
Algorand founder Silvio Micali commented:
“This partnership with FIFA, the most widely recognised and respected organisation in sport, will showcase the potential of the Algorand blockchain to change the way we all experience the world’s game.”
At the time of writing, ALGO—the native token of Algorand—was trading at USD 0.7279, reflecting a 21.18% increase over the past 24 hours following the announcement.