Wednesday, October 5, 2022

Algorand Partners FIFA as it is Named the Blockchain for the World Cup

The Algorand blockchain has teamed up with world football’s governing body, FIFA for the men and women’s world cup making it the authorized blockchain network for the Mundial in Qatar later in the year as well as next year’s women’s world cup in Australia and New Zealand.

The announcement was made after FIFA’s president Gianni Infantino together with the founder of Algorand, Silvio Micali signed the agreement during a business conference in Los Angeles.

Algorand as per the agreement will oversee the development of a digital asset strategy for the footballing body while also providing a blockchain-enabled wallet solution for the upcoming football events. The network could also possibly create FIFA’s Non-Fungible Token (NFT) collectibles. And FIFA, in return, will offer significant awareness and publicity for the blockchain network invented in 2017.

While conveying his excitement for the deal, Infantino mentioned that the deal is indicative of the body’s commitment to securing income through a creative medium as he looks forward to a lengthy and beneficial agreement with Algorand.

The deal with Algorand is the second sponsorship for FIFA affiliated with the crypto sphere. The footballing body entered into a partnership with Singapore-based digital asset trading platform, crypto.com back in March making it the official exchange platform for the 2022 world cup.

What the Partnership Means for Algorand

The deal with FIFA is an important one for the blockchain network. It makes Algorand the first US-based company in over ten years to support FIFA after Johnson and Johnson in 2011. The announcement of the deal saw Algorand’s native token ALGO soar from $0.58 to $0.70 at the time of this report.

The upcoming footballing event will also beam some bright light on Algorand, a latecomer in the blockchain party considering the amount of exposure the event will offer.

Algorand is a decentralized blockchain technology network, with its native token ALGO. It uses a pure-proof-of-stake consensus mechanism which makes it consume less computing power as it approves new transactions and blocks faster and efficiently compared to proof-of-work networks. It also has a lower minimum staking requirement as only one ALGO is required.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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