Algorand, a blockchain startup, has partnered with FIFA to become the official blockchain sponsor of the 2022 FIFA World Cup
Algorand FIFA Blockchain Partnership
Official announcement: Algorand will serve as the “blockchain platform of FIFA” and will provide a “blockchain-supported wallet solution” for the 2018 FIFA World Cup, that will happen at the end of this year in Qatar. The corporation will serve as a Local Supporter of the World Cup in North America and Europe, as well as the Official Sponsor of the Women’s World Cup in Australia and New Zealand, which will take place in the following year.
According to FIFA, the agreement also includes a “technical cooperation” to assist the organization in developing a digital assets strategy. It might aid FIFA in the marketing of non-fungible tokens associated with soccer (NFT). The cost of the World Cup sponsorship, which was awarded at a third-tier regional level and included rights for North America and Europe, was not revealed. FIFA has set an objective of collecting $7 billion in total income over the course of its four-year commercial cycle, which concludes in Qatar in 2019.
Algorand will be the first new sponsor of the World Cup to be situated in the United States since 2011. During the past decade, the association has been in hot water with federal prosecutors in the United States on charges of bribery, money laundering, and corrupt practices, with recent prosecutions in April 2020 for bribes in connection with the choice of World Cup 2022 host countries, which included Qatar, as well as other countries.
FIFA has now turned its attention to the technology industry, announcing a contract with a crypto platform from Singapore crypto.com, to host a competition in 2022. However, one would expect that both Crypto.com and Algorand (ALGO) would want their wallet to be recognized as an official wallet, but it appears that Algorand was victorious in this regard.
According to Algorand CEO Silvio Micali, his firm has the potential to “transform the way we all experience the world’s game,” according to a FIFA statement. Furthermore, while Algorand’s sponsorship reach is confined to North America and Europe in this year’s event, it is possible that another blockchain partner will be found in Asia, and maybe Latin America as well. The agreement also includes coverage of the 2023 Women’s World Cup, which will be held by Australia and New Zealand.
According to CoinGecko statistics, the value of Algorand’s native ALGO coins has increased by more than 20% in the last 24 hours, with the majority of the increase coming following the FIFA announcement. Prices climbed as high as $0.73 from Monday’s low of $0.59, breaking over barrier at the $0.61 level in the process. Price charts demonstrate that there is resistance at the present level, which coincides with the depletion of the trend following yesterday night’s surge. This suggests that the surge was largely driven by spot ALGO, as seen by the paltry $1.3 million in liquidations recorded in the last 24 hours in futures activity. A total of $867,000 in short positions, or wagers against an upward price movement, were liquidated.
Quotes
FIFA President Gianni Infantino, said: “We are delighted to announce this partnership with Algorand. 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. I look forward to a long and fruitful partnership with Algorand.”
FIFA Chief Business Officer Romy Gai, added: “This announcement is an exciting moment for FIFA, as it officially enters into the world of blockchain and the opportunities this presents across various applications. At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable and transparent means of increasing revenues to continue to support global football development. Algorand is clearly a forward looking, innovative partner that can help us achieve these goals.”
