Algorand partnered up with FIFA
The global trend of resounding collaborations of blockchain companies with representatives of big sport continues.
Sponsorship of boxing shows, Formula 1 competitions, famous football clubs – all of it became examples of successful and mutually beneficial cases that brought both serious investments in sports and millions of new users for cryptocurrency projects in 2021-2022. The main sporting event of the current year will be the FIFA World Cup, which will be held in December in Qatar. For fans of the Algorand platform, this event will become particularly vivid against the backdrop of the announcement that the company will become the official FIFA blockchain platform.
The partnership was announced by FIFA President Gianni Infantino and Algorand founder Silvio Micali.
Under the sponsorship agreement, Algorand will also be the official sponsor of the 2023 FIFA Women’s World Cup in Australia and New Zealand.
The technical part of the contract includes the development by the Algorand team of digital wallets for these tournaments, as well as the use of the project’s experience in the NFT sector for strategic decisions in the field of copyright protection and the secure exchange of values and assets.
FIFA focuses on the ecological and “green” Algorand blockchain (powered by a low-cost proof-of-stake consensus algorithm), while emphasizing the commercial value of collaboration. For its part, the organization will provide sponsorship assets, including corporate advertising, media coverage and other advertising opportunities.
It is predictable for such integrations that the market immediately reacted with an exchange growth in trading volumes and the cost of the native platform token Algorand (ALGO), which soared by 20% in the first day after the announcement of cooperation with the largest governing body in world football.
The Algorand platform is currently used by about 2000 global organizations, decentralized apps and public bodies. The founder of the company, Silvio Micali, is a professional cryptographer. In 2012 he became the winner of one of the most prestigious nominations in the world of computer science – the Turing Award.
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