The Algorand network has reached a deal to become the official blockchain technology partner of the FIFA World Cup in Qatar in 2022 and the 2023 Women’s World Cup in Australia and New Zealand.
Algorand will also become a regional supporter throughout North America and Europe for the 2022 FIFA World Cup, which will be held in Qatar in November and December, according to the agreement announced on Monday, May 2.
The high-profile deal’s financial parameters haven’t been revealed. With the support of Algorand, FIFA will develop its cryptocurrency strategy. The association football’s highest governing body intends to create its own set of non-fungible tokens. FIFA will use Algorand’s blockchain to establish a “digital assets’ strategy” as well as provide an official “wallet solution.” According to CoinMarketCap data, the ALGO token’s price has increased by more than 20% in the last 24 hours. As a result, Algorand may be able to aid FIFA in establishing its NFT collection. Algorand will also provide an “official blockchain-supported wallet solution” as part of the cooperation.
FIFA President Gianni Infantino praised the partnership, calling it an “indication of FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth” adding that he is looking forward to a “long and fruitful partnership with Algorand.”
The competition, which takes place every four years, was one of the most-watched sporting events in history, with over 3.2 billion people — over half of the world’s population over the age of four — tuning in to see the 2018 World Cup in Russia. The 90-minute final between France and Croatia was watched live by almost 1.1 billion people.
Algorand also signed a three-year kit sponsorship deal with Gotham FC, a professional women’s soccer team in New Jersey, in March. Staci Warden, a former JPMorgan employee, was named Algorand’s chief executive officer earlier this year.
Silvio Micali, an MIT professor, and cryptography pioneer started the blockchain project in 2017. The project promotes itself as a more efficient Ethereum alternative.
Algorand is slated to receive a series of upgrades later this year that will increase its scalability and privacy.
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