Algorand scored a goal: it will help FIFA develop a “digital asset strategy” and provide it with an official “wallet solution”.
The sponsorship and technical association agreement makes Algorand in the first partner blockchain official of the largest soccer organization in the world. As part of the association, Algorand will be the regional sponsor, in North America and Europe, of the 2022 FIFA World Cup, which will be held in Qatar later this year.
Algorandwhose market capitalization places it at No. 29 among the largest cryptocurrencies in the market, will also be an official sponsor of the FIFA Women’s World Cup in Australia and New Zealand in 2023.
The news comes a few weeks after the cryptocurrency exchange Crypto.com became a sponsor of the 2022 soccer World Cup, after signing a similar agreement with FIFA.
FIFA picks Algorand as its official sponsor
The Proof-of-Stake (PoS) blockchain will also take care of provide a “Official Blockchain Compatible Wallet Solution” for FIFA. The soccer organization, which mentioned the tokens non-expendable (NFT) in the statement, added that Algorand will help FIFA to develop its “digital asset strategy“.
The notice suggests that FIFA could take advantage of the technology of Algorand to bring new experiences to soccer fans, including the issuance of an NFT collection.
On the other hand, the agreement will place the project blockchain in the eyes of millions of viewers. The World Cup is one of the most televised sporting events in the world. The 2018 competition, which took place in Russia, was seen by more than 3.2 billion people, that is, about half of the world’s population over the age of four, according to the report. Cointelegraph.
FIFA President Gianni Infantino expressed his enthusiasm for the deal in the statement, stressing that the collaboration is a “clear indication of FIFA’s commitment to continuously seek innovative channels“. FIFA Commercial Director Romy Gai added:
It is an exciting time for FIFA, as it officially enters the world of Blockchain and the opportunities this presents in various applications. At FIFA, we must constantly strive to identify and explore the most innovative, sustainable and transparent means of increasing revenue to further support the development of world football. Algorand is clearly an innovative and forward-thinking partner that can help us achieve these goals.
BREAKING: @FIFA.com have announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more ???? https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6
— Algorand (@Algorand) May 2, 2022
ALGO rises more than 15% after the agreement
While not the first crypto industry sponsor for FIFA, it is the first blockchain platform to sign a deal of its kind with the organizers of the popular soccer tournament. It is also the first World Cup sponsor based in the United States since 2011.
Founded by Silvio Micali, Algorand is promoted as a blockchain of “pure proof of stake“. It claims to be the only network that has resolved the call Trilemma of the blockchain to achieve high scalability or performance without sacrificing security or decentralization. as pointed out CryptoBriefingthe network can currently process more than 1,200 transactions per second, and has long-term plans to scale to 45,000 transactions per second.
The news seems to have been met with enthusiasm as it pushed the price of ALGO, the project’s native cryptocurrency, higher. According to data from CryptoMarkets, the token charted an upward curve on Tuesday afternoon as it moved from the $0.6 range to above $0.7. At the time of editing, ALGO is trading at USD $0.68 with an increase of 17% in the last 24 hours.
Article by Hannah Estefanía Pérez / DailyBitcoin
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