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Algorand becomes FIFA’s official blockchain platform

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Algorand has become the official blockchain sponsor of the upcoming 2022 FIFA World Cup. The deal was confirmed on Monday, according to the official announcement of FIFA.

With the partnership, Algorand will be responsible for creating a cryptocurrency wallet for the World Cup, which will be held in Qatar. That is, it is possible that the use of cryptocurrencies will be disseminated throughout the tournament.

This is FIFA’s second partnership with a company in the cryptocurrency and blockchain sector. The first was with the Crypto.com exchange, as reported, which is the only partner exchange for the event. Therefore, the partnership with Algorand involves the use of blockchain technology.

Algorand at the FIFA World Cup Qatar 2022

According to the official announcement, Algorand will become the “FIFA blockchain platform” and provide a “blockchain-supported wallet solution” at the World Cup.

In addition, Algorand will be a Regional Supporter of the World Cup in North America and Europe. Algorand’s sponsorship will also go to the Women’s World Cup, which will be held in Australia and New Zealand in 2023.

Algorand’s role includes “developing your digital asset strategy”. In return, FIFA will provide advertising, media exposure and promotional opportunities.

“We are pleased 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 in football. We want to ensure transparency for our shareholders and football fans around the world – a key element of our vision of making football truly global,” said Gianni Infantino, President of FIFA.

Algorand’s partnership with FIFA has made a strong impact on the ALGO token, which is native to the blockchain. The token was trading at $0.58 but soared 25% when the announcement came out. According to CoinMarketCap, ALGO is worth $0.70 at the time of writing.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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