FIFA signs Algorand as official blockchain platform for World Cup
The proof-of-stake blockchain will assist FIFA in developing a "digital assets strategy" by providing an official "wallet solution"
Blockchain network Algorand (ALGO) has partnered with FIFA sponsorship and technical partner deal as the network becomes the soccer association's first official blockchain platform.
The deal declared on Monday, May 2 will also see Algorand become a regional supporter in North America and Europe for the 2022 FIFA World Cup to be held in Qatar in November and December.
"BREAKING: @FIFAcom has announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6
— Algorand (@Algorand) May 2, 2022"
Algorand will also be an official sponsor of the FIFA Women's World Cup in Australia and New Zealand in 2023.
The proof of stake chain will assist FIFA in developing its "digital assets strategy", with the declaration explaining blockchain technology in the context of non-fungible tokens(NFTs) it may be likely that Algorand could assist FIFA with developing its NFT collection, also as part of the partnership, Algorand will be providing an "official blockchain supported wallet solution"
FIFA President Gianni Infantino expressed his delight at the partnership and said it was an "indication of FIFA's commitment to continually seeking innovative channels for sustainable revenue growth" that he is looking forward to a partnership with Algorand.
Algorand is the first new United States-based sponsor of the World Cup since 2011. The past decade has been the association in hot water with U.S federal prosecutors on charges of bribery. money laundering and corruption, with recent indictments in April 2020 for bribes in connection to the selection of World Cup host countries, including Qatar.
The effect of Algorand's price has jumped by approx 20% to $0.72 from a 24-hour low of $0.58 on account of the announcement.