FIFA  Partners Blockchain Innovator, Algorand for sustainable revenue growth

FIFA  Partners Blockchain Innovator, Algorand for sustainable revenue growth

FIFA, the governing body of football around the globe, has announced technical cooperation and sponsorship agreement with Algorand, a green blockchain technology firm based in the United States.

FIFA President Gianni Infantino and Algorand founder Silvio Micali announced the partnership in Los Angeles, making the American firm a FIFA World Cup Qatar 2022 Regional Supporter in North America and Europe, as well as a FIFA Women’s World Cup Australia and New Zealand 2023 Official Sponsor.

Algorand will become FIFA’s official blockchain platform and deliver the official blockchain-supported wallet solution as a result of the deal. It’s also a clear indicator of FIFA’s commitment to finding new ways to generate sustainable cash so that it may be re-invested in sport.

Blockchains enable non-editable data to be permanently stored and disseminated across digital networks, as well as promoting innovation and assuring secure, untampered exchange of value and assets such as non-fungible tokens (NFTs) and digital assets held in blockchain-enabled wallets.

Algorand will also help FIFA improve its digital assets strategy, while FIFA will give sponsorship assets such as advertising, media exposure, and promotional possibilities as part of the arrangement.

The FIFA President, Gianni Infantino expressed his delight in the partnership, “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 worldwide 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 a forward-looking, innovative partner that can help us achieve these goals.”

Algorand, a blockchain system preferred by over 2000 worldwide enterprises, governments, and digital-native defi apps, was established by Silvio Micali, a Turing Award-winning cryptographer. Algorand specializes in assisting companies in banking, gaming, music, art, and sports who want to use Web3 digital capabilities to accelerate growth, inclusivity, transparency, and innovation while being ecologically conscious.

Algorand’s founder, Silvio Micali, said, “From the outset, Algorand has focused on developing technology that supports inclusion, opportunity, and transparency for all.” “This relationship with FIFA, the world’s most well-known and prestigious sports organization, will demonstrate the Algorand blockchain’s ability to change the way we all enjoy the game.”