The blockchain platform Algorand is now cooperating with FIFA. To this end, it appears as a sponsor at the football World Cup in Qatar, among other things. It is also said to support the World Football Association with blockchain solutions.
Cryptocurrencies are not new territory for FIFA, as they are already cooperating with the crypto exchange Crypto.com. With Algorand, the football association is now expanding its partnership portfolio. The network is set to become FIFA’s official blockchain platform, according to an official press release. How the deal is financially knit is not known.
FIFA and Algorand: Sponsorship and Technology
Algorand’s sponsorship extends beyond the men’s FIFA World Cup. While this is a regional sponsorship for North America and Europe, Algorand will become an official sponsor of the Women’s World Championships in Australia and New Zealand.
This includes advertising, media exposure as well as other promotional options. In return, Algorand is developing an official blockchain wallet solution for FIFA. In addition, the technology company supports FIFA in the strategic development of its digital assets.
“Long and fruitful partnership”
FIFA President Gianni Infantino is delighted with FIFA’s partnership with Algorand and stressed its value:
The collaboration is a clear sign of FIFA’s commitment to continually seek innovative channels for sustainable revenue growth to further reinvest in football while ensuring transparency for our stakeholders and football fans around the world.
He describes the cooperation and the further step into the blockchain world as a key element of FIFA’s vision to make football truly global. He also hopes for “a long and fruitful partnership with Algorand.” FIFA Chief Business Officer Romy Gai adds:
At FIFA we must constantly strive to find and explore the most modern, sustainable and transparent means of increasing revenue to continue to support the development of global football. Algorand is clearly a forward-thinking, innovative partner that can help us achieve these goals.
Crypto and sport come together
The football world is opening its gates to the blockchain more and more. For example, the German Football League (DFL) works with the football manager game Sorare and publishes NFTs on collector’s cards.
Conversely, the crypto companies are looking for lucrative sponsorship deals – and are increasingly finding them in sports. Crypto.com is already an official sponsor of the Qatar World Cup in the Crypto Platform category.
The company also cooperates with other well-known partners in various sports departments such as basketball, ice hockey and motor sports.
Who is behind Algorand?
The computer scientist and Turing Award winner Silvio Micali founded the Algorand blockchain in 2017: “From the beginning, Algorand has focused on developing technologies that promote inclusion, opportunity and transparency for everyone,” he describes the general direction of the company .
For FIFA, which is often criticized, the “green company” can also be an image caresser. The deal is calculated accordingly for some.
That being said, Algorand, which wants to develop one of the fastest and cheapest blockchains, is definitely an innovative partner.