Proof-of-stake blockchain Algorand has scored a partnership with football’s world governing body, FIFA, to become the official blockchain of the upcoming World Cup starting in Qatar in November.
In terms of sponsorship, Algorand will be a FIFA World Cup Qatar 2022 “Regional Supporter in North America and Europe” as well as a FIFA Women’s World Cup Australia and New Zealand 2023 “Official Sponsor”.
The technical partnership deal means Algorand will become the long-term blockchain platform of FIFA, providing the organisation with a blockchain-supported wallet solution.
Algorand will assist FIFA in “further developing its digital assets strategy”, while FIFA will provide advertising, media exposure and promotional opportunities to the Boston-based blockchain.
The partnership was announced by FIFA President Gianni Infantino and Algorand founder Silvio Micali in Los Angeles.
At the announcement, Infantino said: “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.”
Algorand’s native token, ALGO, surged in price by more than 20% following the news.
The deal comes weeks after Crypto.com, a leading crypto exchange, became an official brand sponsor of the upcoming World Cup for an undisclosed sum.
“No sport brings the world together like football, and no sporting event brings the world together the way FIFA World Cup does,” Crypto.com CMO Steven Kalifowitz said.
Crypto and blockchain firms have been warming up to sports sponsorship deals in recent years, with a number of top European football clubs having blockchain sponsors and, more recently, Binance partnering with the Confederation of African Football for the Africa Cup of Nations.
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