Algorand is the First Blockchain Company in the United States to Sponsor the FIFA World Cup

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Algorand is the First Blockchain Company in the United States to Sponsor the FIFA World Cup

NewsAlgorand is the First Blockchain Company in the United States to Sponsor...

The proof-of-stake blockchain will help FIFA in developing a “digital assets’ strategy” as well as providing a “secure wallet solution.”

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The blockchain network Algorand has partnered with FIFA to sign a sponsorship and technical partnership agreement as to the soccer association’s first official blockchain platform.

Algorand will also become a global supporter of the 2022 FIFA World Cup to be held in Qatar in November and December 2022, according to the deal announced on Monday.

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Algorand will also be the main sponsor of the FIFA Women’s World Cup in Australia and New Zealand in 2023.

The proof-of-stake chain will assist FIFA in implementing its “digital assets” strategy, with the announcement noting blockchain technology’s applications for nonfungible tokens (NFTs). As a result, it’s conceivable that Algorand can aid FIFA in creating its own NFT collection. Furthermore, as part of the collaboration, Algorand will provide an “official blockchain-supported wallet solution.”

FIFA’s President Gianni Infantino was pleased with the collaboration, commenting that it proved FIFA’s “commitment to continuing to seek new revenue streams through innovative methods,” and that he is looking forward to a long and successful partnership with Algorand.

The 2022 World Cup will be the second time Algorand has sponsored the tournament. In March, became the official crypto trading platform sponsor for the 2022 World Cup in Qatar, a country that bans cryptocurrency but whose citizens are nonetheless able to watch soccer online through VPNs. It’s a little strange, but when you consider the number of international spectators that will attend, it’s understandable.

The World Cup, which is held every four years, was the most-watched sporting event in the world last year, with over 3.2 billion people tuning in to watch the 2018 FIFA World Cup — almost half of the global population above four years old. For 90 minutes, more than 1.1 billion people worldwide tuned in live to see France versus Croatia in this year’s final.

Algorand is the most recent new United States-based sponsor of the World Cup since 2011. The relationship has been embroiled in a scandal with US federal prosecutors alleging bribery, money laundering, and corruption charges over a ten-year period, culminating in April 2020 indictments for bribed selection of World Cup host nations including Qatar.

According to the release, the price of Algorand’s native currency, Algorand (ALGO), has risen by nearly 20% in the last 24 hours, reaching $0.72 compared to a low of $0.58 over the previous 24 hours.