FIFA inks a sponsorship agreement with Algorand

Algorand has been named FIFA's official blockchain platform and will offer the official crypto wallet service to all of its users.

FIFA, the international football governing body, has agreed to sponsorship and technical relationship with Algorand, a blockchain technology firm.

As a result of the deal, Algorand has been named FIFA’s official blockchain platform and will offer the official crypto wallet service to all of its users. Algorand has also been appointed as FIFA World Cup Qatar 2022 regional supporter in Europe and North America, as well as the official sponsor of FIFA Women’s World Cup Australia and New Zealand 2023, according to the sponsorship deal. Algorand will also help FIFA improve its digital assets strategy, while FIFA will give sponsorship assets such as marketing, media coverage, and promotional possibilities as part of the arrangement.

“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 – a key element of our Vision to make football truly global. I look forward to a long and fruitful partnership with Algorand,” said, FIFA President, Gianni Infantino.

“This announcement is an exciting moment for FIFA, as it officially enters into the world of blockchain and the opportunities this presents across various applications. At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable and transparent means of increasing revenues to continue to support global football development. Algorand is clearly a forward looking, innovative partner that can help us achieve these goals,” commented, FIFA Chief Business Officer, Romy Gai.

Silvio Micali, an MIT professor, founded Algorand in 2017. Algorand is made up of two parts: a corporation and a foundation. The Algorand Foundation is in charge of the Algorand network’s ecosystem growth, award funding, cryptographic research primitives, on-chain governance, and decentralisation, as well as nodes. Algorand Inc., a Boston-based private firm, is in charge of the protocol’s basic development.

The public test network for Algorand was released in April 2019, followed by the main network in June 2019. Over 2000 global organisations, governments, and digital-native defi applications use Algorand blockchain technology. Algorand specialises in assisting organisations in banking, gaming, music, art, and sports who want to use Web3 technological abilities to accelerate growth, accessibility, transparency, and innovation while remaining ecologically conscious.

“From the beginning, Algorand has focused on building technology that promotes inclusivity, opportunity and transparency for all,” stated Silvio. “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.”

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