ALGO shoots 25% as Algorand becomes an official blockchain partner of FIFA

  • As part of the partnership, Algorand will offer a blockchain wallet solution to FIFA.
  • While FIFA will provide media exposure and advertising to Algorand, the latter will help FIFA build its digital assets strategy.

Decentralized blockchain network Algorand has secured a major win recently! On Monday, May 2, the world’s football governing body FIFA entered a technical partnership and sponsorship deal with Algorand.

Thus, the deal makes Algorand the official blockchain partner of FIFA. Besides, Algorand will also be responsible for providing the official blockchain-supported wallet solution to FIFA. The terms of the agreement make Algorand a FIFA World Cup Qatar 2022™ Regional Supporter in Europe and North America. Algorand also becomes a FIFA Women’s World Cup Australia and New Zealand 2023™ Official Sponsor.

Just as the news broke out, Algorand’s native crypto ALGO witnessed a major jump in the price. The ALGO price surged more than 25 percent earlier today. As of press time, ALGO is trading 21 percent up at a price of $0.71 and a market cap of $4.8 billion.

FIFA’s trust in blockchain technology develops as it provides to record data in a tamper-proof manner. Besides, it also ensures a safe exchange of value and assets among digital networks. Speaking on the development, FIFA President Gianni Infantino said:

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.

Algorand and FIFA at each other’s aid

FIFA is one of the biggest sporting organizations in the world. In this partnership with Algorand, FIFA will offer sponsorship assets to the blockchain such as media exposure, advertising, and promotional opportunities. At the same time, Algorand will assist FIFA in developing its digital assets strategy.

The Algorand blockchain has been the technology of choice for global organizations and governments alike. Besides, it’s also home to several decentralized finance (DeFi) applications. The Algorand blockchain helps organizations across sectors including music, gaming, finance, etc. It will also work with the sports industry that aim to build its Web 3 digital capabilities ” to accelerate growth, inclusiveness, transparency and innovation”. Speaking of this development, Silvio Micali, founder of Algorand said:

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

Related: Algorand announces its $15 million commitment to the environmental cause

About Author

Bhushan is a FinTech enthusiast and holds a good flair for understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In his free time, he reads thriller fictions novels and sometimes explores his culinary skills.

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