Algorand becomes the first US blockchain sponsor of the FIFA World Cup

    n an exciting development, the proof of stake blockchain network Algorand has partnered with FIFA with a sponsorship and a technical partner deal, making ALGO the first official blockchain platform to partner with FIFA.

     

    Fifa and Crypto Fifa and Crypto

    As per the deal announced on May 2, Algorand will be the official sponsor of the 2023 FIFA Women's World Cup in Australia and New Zealand and the regional supporter of the 2022 FIFA World Cup to be held in Qatar in North America and Europe.

    Algorand will help FIFA to develop its digital assets strategy, most likely to help FIFA with developing an NFT collection as the announcement explained the blockchain tech concerning nonfungible tokens. Algorand will also be responsible for providing an official blockchain-supported wallet solution for FIFA as part of the partnership.

    President of FIFA, Gianni Infantino, said that he is thrilled with the partnership. He was looking forward to a long and beneficial partnership with Alogorand. He expressed that the deal indicates the commitment of FIFA to continuously seek innovative streams for sustainable revenue growth.

    FIFA has a target to generate total revenue of USD 7 billion by the end of its four-year commercial cycle in Qatar.

    Earlier, Crypto.com became the crypto trading platform sponsor for the 2022 FIFA World Cup in March 2022. FIFA taking up Algorand and Crypto.com is a surprising development considering a ban on Crypto in Qatar. However, it can be advantageous considering the high amount of international viewership.

    The 2018 World Cup held in Russia was watched by more than 3.2 billion people, which is more than half of the world's population aged over four, making it one of the most viewed sporting events in history. The final between France and Croatia alone managed to attract more than 1.1 billion viewers.

    FIFA has not been on the best term with the United States due to being implicated by United States federal prosecutors on charges of corruption, money laundering and bribery. In April 2020, FIFA was accused of accepting bribes to select host nations, including Qatar. Due to these issues, Algorand is the first new sponsor of the World Cup from the United States since 2011 to join long term American based partners Coca Cola, Budweiser and Mcdonald's.

    After the announcement, the price of ALGO shot up 20% to USD 0.72 from USD 0.58 within 24 hours.

     

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