The governing body of international football, FIFA has announced a partnership with Algorand. Algorand is a blockchain innovator company and is the official blockchain platform of FIFA.
The partnership is a sponsorship and technical deal, with Algorand providing the official blockchain-supported wallet solution.
Gianni Infantino, President of FIFA said, “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.”
Algorand will help FIFA develop a ‘digital assets’ strategy, which can be speculated to be NFTs or fan tokens. On the other hand, FIFA will provide advertising and promotional opportunities and media exposure to the crypto company.
According to the sponsorship part of the deal, Algorand will be the official regional supporter of the FIFA World Cup Qatar 2022 across North America and Europe. Algorand will also be the official sponsor of FIFA Women’s World Cup Australia and New Zealand 2023.
Algorand is a pure proof-of-stake blockchain cryptocurrency protocol. The protocol supports smart contracts and the company is founded by Silvio Micali, who is Turing Award-winning cryptographer.
Talking about this partnership with FIFA, Silvio stated, “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.”
This is not the first crypto company to have partnered with FIFA World Cup Qatar 2022. FIFA announced Crypto.com as the official sponsor of the forthcoming World Cup Qatar 2022 last month.