ALGO Up 15% As FIFA Announces New Partnership With Algorand

As we gear up for the FIFA World Cup 2022 in Qatar, the world’s football governing body FIFA is looking for major partners in the blockchain space. In a recent move, FIFA has partnered with blockchain platform Algorand agreeing to a sponsorship and technical partnership deal.

As part of the partnership, Algorand shall be offering the official blockchain-supported wallet solution. The agreement shows that Algorand will be the FIFA World Cup Qatar 2022™ Regional Supporter in Europe and North America. Speaking on the announcement, FIFA President Gianni Infantino said:

“We are delighted 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 back into football ensuring transparency to our stakeholders and world-wide football fans – a key element of our Vision to make football truly global. I look forward to a long and fruitful partnership with Algorand.”

Building Digital Assets Strategy for FIFA

Blockchain, also popular as distributed ledger technology stores data in a tamper-proof and transparent way. The use of blockchain has also skyrocketed with its ability to host multiple digital assets.

As part of the partnership, Algorand will assist FIFA in developing its digital assets strategy. At the same time, FIFA will provide sponsorship assets such as media exposure, advertising, and promotional opportunities.

As of date, the Algorand blockchain hosts over 2000 global organizations and decentralized finance (DeFi) applications. It also helps organizations across industries such as music, gaming, finance, art and sports. Algorand is also working to adopt Web 3 digital capabilities to push, growth, transparency, inclusiveness, and innovation. Silvio Micali, founder of Algorand said:

“This partnership with FIFA, the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”

The ALGO price has instantly shot up more than 15%. As of press time, Algorand (ALGO) is trading 16.53% up at a price of $0.69.