Algorand, a blockchain technology business, has signed a sponsorship and technical agreement with the Fédération Internationale de Football Association (FIFA), the world’s governing body of association football.
According to the statement, Algorand will become the official blockchain sponsor of the next FIFA 2022 World Cup competition in Qatar.
Furthermore, the blockchain business will become a regional supporter of FIFA in North America and Europe, as well as the official sponsor of the 2023 Women’s World Cup.
As part of the arrangement, Algorand will give FIFA with a blockchain-supported wallet and help the organization “further develop its digital assets strategy,” while FIFA will provide Algorand with chances such as advertising, media exposure, and promotions.
FIFA’s Chief Business Officer Romy Gai commented on the situation, saying,
“At FIFA, we must always seek to uncover and investigate the most innovative, sustainable, and transparent strategies of generating earnings in order to continue to promote worldwide football growth.” Algorand is certainly a forward-thinking, inventive partner who can assist us in achieving these objectives.”
Algorand is an open-source, decentralized blockchain network that employs a proof-of-stake (PoS) consensus process to increase security and speed up transactions.
The creator of Algorand, Silvio Micali, stated that the company has always aspired to create technology that gives opportunity and transparency for everyone, and that the relationship with FIFA would demonstrate how Algorand can help alter how spectators experience football events.
Meanwhile, FIFA has collaborated with a crypto-related business for the second time this year. The group inked a sponsorship agreement with major bitcoin exchange CryptoCom in March.
Partnerships between sports groups and crypto-related companies have been increasingly popular in recent years. To attract new and wider audiences to the crypto industry, crypto businesses are cooperating with athletic organizations.
Manchester United (Man Utd), the top division English Premier League (EPL) football team, signed a $27 million multi-year training kit sponsorship contract with blockchain firm Tezos in February.
After working with digital asset management firm Valkyrie, Nashville Soccer Team (SC) became the first Major League Soccer (MLS) club to take its whole partnership fee in bitcoin (BTC) a month later.