World football’s administering body has affirmed a partnership with green blockchain tech organization – Algorand-. Algorand will now become the official blockchain platform of FIFA.
The Partnership was announced by FIFA President Gianni Infantino and Algorand founder Silvio Micali in Los Angeles, USA.
This was settled on as a sponsorship and technical partnership bargain.
The agreement means Algorand becomes the official blockchain platform of FIFA, and will also provide the official blockchain-upheld wallet arrangement. According to the sponsorship agreement, Algorand will be a FIFA World Cup Qatar 2022™ Regional Supporter in North America and Europe, and a FIFA Women’s World Cup Australia and New Zealand 2023™ Official Sponsor.
Blockchains permit non-editable data to be for all time recorded and dispersed on digital networks, while also working with innovations and guaranteeing safe, untampered trade of significant worth and resources like non-fungible tokens (NFTs), and through blockchain-empowered wallets holding digital assets.
As a feature of the partnership, Algorand will also support FIFA in additional fostering its advanced resources methodology, while FIFA will give sponsorship resources including including advertising, media exposure and promotional opportunities.
After the declaration, 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.”
The partnership will officially enter into the world of blockchain and the opportunities it will present across various applications. FIFA is constantly striving to identify and explore the most cutting-edge, sustainable and transparent means of increasing revenues to continue to support global football development.
In this way, Algorand is obviously a forward looking, inventive partner that can help the football governing body to accomplish these objectives.
Founded by Turing Award-winning cryptographer Silvio Micali, the Algorand blockchain is the technology of choice for over 2000 global organisations, governments and digital-native defi applications.
In particular, Algorand helps organisations in finance, gaming, music, art and the sports world that seek to adopt Web3 digital capabilities as a path to accelerate growth, inclusiveness, transparency and innovation in an environmentally responsible way.
According to Silvio Micali, founder of Algorand, from the beginning, Algorand has focused on building technology that promotes inclusivity, opportunity and transparency for all.
Hence, this partnership with FIFA, which is the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way they all experience the world’s game.