FIFA has signed a technical sponsorship agreement with Algorand and after the announcement, the ALGO token has traded at $0.7279 with a 21.18% rise in the 24 hours. While FIFA is a regulatory body of football, Algorand is a blockchain platform having ALGO as its native token.
According to the agreement, Algorand will provide an official blockchain-enabled wallet solution. Also, it will be a FIFA World Cup Qatar 2022 Regional supporter throughout North America and Europe.
FIFA President Gianni Infantino expressed his joy about the collaboration with Algorand by saying that the partnership is looking for new ways to generate long-term income growth in order to reinvest more in football. He further said that they are looking forward to a long and successful collaboration with Algorand.
FIFA to get assistance from Algorand in Digital Assets Strategy development
Blockchain technology has gained popularity because of its capacity to store numerous digital assets. As per sources, FIFA has been working hard to form solid alliances with key players in the blockchain industry.
In the current partnership, FIFA will provide sponsorship assets like marketing possibilities, commercials, and media exposure, while Algorand will assist FIFA in developing its digital assets strategy.
Algorand blockchain presently hosts over 2000 decentralised financial (DeFi) apps and worldwide organisations. Additionally, Algorand assists other industries such as gaming, art, music, sports, and finance in their efforts to implement Web 3 digital capabilities for inclusivity, growth, and transparency.
Silvio Micali, CEO of Algorand, stated that collaborating with the most renowned and prestigious sports organisation will highlight the Algorand blockchain’s ability to alter the overall gaming experience.
