Blockchain network Algorand has become the first official blockchain platform sponsor for FIFA after signing a sponsorship and technical partner deal.
Algorand - FIFA’s Official Blockchain Partner
The partnership establishes Algorand as a regional supporter in North America and Europe for the 2022 FIFA World Cup held in Qatar later this year. Other than becoming the official blockchain platform of FIFA, Algorand will also be providing an official blockchain-supported wallet solution under the contract. In addition to that, the blockchain platform will also be an official sponsor of the 2023 FIFA Women’s World Cup scheduled to be held in Australia and New Zealand. Furthermore, Algorand will also lend its blockchain expertise to help FIFA develop its digital asset strategy.
Speaking on the sponsorship deal, the Founder of Algorand, Silvio Micali, said,
“From the beginning, Algorand has focused on building technology that promotes inclusivity, opportunity and transparency for all. 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.”
FIFA Enters Blockchain
The news of the partnership was first announced on Monday by FIFA President Gianni Infantino and Algorand founder Silvio Micali in Los Angeles, USA. The deal agreement also outlines the assets that FIFA will provide to Algorand in exchange for its sponsorship. These include advertising, media exposure, and promotional opportunities.
FIFA Chief Business Officer Romy Gai added:
“This announcement is an exciting moment for FIFA, as it officially enters into the world of blockchain and the opportunities this presents across various applications. At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable and transparent means of increasing revenues to continue to support global football development. Algorand is clearly a forward looking, innovative partner that can help us achieve these goals.”
FIFA x Crypto.com
Prior to this sponsorship deal with Algorand, FIFA had already signed another partnership with the popular cryptocurrency exchange, Crypto.com. Therefore, although Algorand is FIFA’s first-ever blockchain partner, it is not its first crypto partner. After partnering up with renowned sporting organizations, teams, and events, Crypto.com has finally sealed the deal with the highest governing body of association football, FIFA. Under the terms of the deal, Crypto.com advertisements will be displayed on tournament stadiums and outside football grounds during the FIFA World Cup 2022, which will be broadcast to billions of viewers worldwide.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.