Algorand – first US blockchain sponsoring FIFA World Cup

    FIFA will use the proof-of-stake blockchain to establish a “digital assets’ strategy” as well as provide an official “wallet solution.” Algorand, a blockchain network, has signed a sponsorship and technical partnership agreement with FIFA, making it the soccer association’s first official blockchain platform.

    Algorand is a regional supporter.

    Algorand will also serve as a regional supporter throughout North America and Europe for the 2022 FIFA World Cup, which will take place in Qatar in November and December. In 2023, Algorand will be an official sponsor of the FIFA Women’s World Cup, which will be held in Australia and New Zealand.

    With the statement clarifying blockchain technology in the context of nonfungible tokens, the proof-of-stake chain will aid FIFA in creating its “digital assets’ strategy” (NFTs). As a result, Algorand may be able to aid FIFA in establishing its own NFT collection. As part of the cooperation, Algorand will also provide an “official blockchain-supported wallet solution.”

    FIFA President Gianni Infantino praised the collaboration, calling it an “indication of FIFA’s commitment to continue pursuing creative routes for sustainable revenue growth,” and promising a “long and fruitful engagement with Algorand.”

    Algorand to sponsor the FIFA World Cup

    Another cryptocurrency exchange, Algorand, is sponsoring the FIFA World Cup as a cryptocurrency exchange. In March, was named the official crypto trading platform for the 2022 World Cup. It’s an intriguing strategy, given that cryptocurrency is illegal in Qatar, but it makes sense given a large number of overseas fans.

    The competition, which takes place every four years, was one of the most-watched athletic events in history, with over 3.2 billion people—over half of the world’s population over the age of four—tuning in to witness the 2018 World Cup in Russia. The 90-minute final between France and Croatia was watched live by almost 1.1 billion people.

    The surge in Algorand’s native token

    Algorand is the first new World Cup sponsor from the United States since 2011. With recent indictments in April 2020 for bribes in connection with the selection of World Cup host countries, notably Qatar, the association has been in deep water with US federal authorities on charges of bribery, money laundering, and corruption. According to the statement, the price of Algorand’s native token Algorand (ALGO) has surged about 20% to $0.72 in the previous 24 hours, from a 24-hour low of $0.58.

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