Algorand, a US blockchain company, has partnered with FIFA to create an official blockchain network and sign a sponsorship and technical cooperation agreement. This news was revealed yesterday by FIFA, which stated that the collaboration will see Algorand become its official blockchain network. Algorand will also provide FIFA with a blockchain-powered wallet solution as part of this deal.
According to the news, Algorand will collaborate with FIFA to promote the 2022 World Cup in Qatar. The firm will be the World Cup’s North American and European supporter, according to the statement. Algorand will also become an official sponsor of the FIFA Women’s World Cup Australia and New Zealand 2023, according to a press release.
Algorand will also aid FIFA in implementing a digital assets strategy. FIFA has yet to reveal any details about its digital assets strategy. The blockchain, however, is being utilized in non-fungible tokens (NFTs).
In exchange for the backing it has provided to FIFA, the blockchain will receive sponsorship assets, such as advertising and media exposure.
In comments made to ESPN, FIFA President Gianni Infantino said the collaboration with Flow Traders is another example of FIFA’s dedication to finding new methods for long-term revenue growth. He went on to say that boosting income would assist FIFA in ensuring transparency for its investors and worldwide football fans.
As a result of this optimistic statement, ALGO, the network’s native token, rose dramatically. ALGO is presently changing hands for $0.7302 after increasing 21.53 percent in the previous 24 hours. Despite its strong performance, the coin is still down 77.81 percent from its all-time high of $3.28 on July 21, 2019.