Algorand protocol has been unveiled as the official blockchain sponsor of the Federation Internationale de Football Association (FIFA).
The partnership between the blockchain startup and the world’s football governing body was unveiled on Monday by FIFA President Gianni Infantino and Algorand founder Silvio Micali in Los Angeles, USA.
The partnership has effectively positioned Algorand as the 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. Algorand will help in developing the digital strategy for FIFA and provide the body’s official blockchain-supported wallet solution.
“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 worldwide football fans” said FIFA President Gianni Infantino.
The partnership will provide media publicity for Algorand who will also take up advertisement slots as well as utilize promotional opportunities to make the move a mutually beneficial one. In addition to the digital wallet, Algorand will also help facilitate the movement of Non-Fungible Tokens (NFTs) that may be produced during the forthcoming tournament in Qatar.
While the length and monetary valuation of the partnership remain undisclosed, Algorand will come off as the latest crypto-based startup that has inked a functional partnership with FIFA ahead of the Qatar World Cup. In a related move, FIFA has named Crypto.com as its official exchange partner.
The close interactions between blockchain entities and sports outfits are growing at a fast pace with Crypto.com officially sponsoring Formula 1 outfit, Aston Martin as reported by Blockchain.News back in March 2021.
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