Algorand Will Become the Official Blockchain Sponsor of FIFA World Cup 2022

Blockchain technology company Algorand has inked a sponsorship and technical deal with Fédération Internationale de Football Association (FIFA), the international governing body of association football.

Algorand Partners FIFA

As per the announcement, the deal will see Algorand become the official blockchain sponsor of the upcoming FIFA 2022 World Cup competition in Qatar. 

Additionally, the blockchain company will become FIFA’s regional supporter in North America and Europe as well as the official sponsor of the 2023 Women’s World Cup.

As part of the agreement, Algorand will  provide FIFA with a blockchain-supported wallet and assist in “further developing its digital assets strategy,” while FIFA will offer Algorand opportunities including advertising, media exposure and promotions.

Speaking on the development, Chief Business Officer Romy Gai at FIFA said,

“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.”

Algorand is an open-source, decentralized blockchain network that uses a proof-of-stake (PoS) consensus algorithm to improve security and enable faster transactions.

Silvio Micali, founder of Algorand, said the firm has always aimed towards designing technology that provides opportunities and transparency for everyone, adding that the collaboration with FIFA will showcase how Algorand can help transform how fans experience football competitions. 

Crypto Marries Sport

Meanwhile, this is the second time FIFA has partnered with a crypto-related firm this year. In March, the association signed a sponsorship deal with mainstream cryptocurrency exchange CryptoCom.

Partnership deals between sporting organizations and crypto-related firms are becoming very common in recent times. Crypto firms are collaborating with sporting firms to attract new and larger audiences to the crypto space. 

In February, the top flight English Premier League (EPL) football team, Manchester United (Man Utd), sealed a $27 million multi-year training kit sponsorship deal with blockchain firm Tezos.

A month later, Nashville Soccer Club (SC) became the first Major League Soccer (MLS) club to accept its full partnership fee in bitcoin (BTC) after partnering with digital asset management firm Valkyrie.