Algorand will become the official blockchain of FIFA.
FIFA President Gianni Infantino and Algorand founder Silvio Micali announced the agreement in Los Angeles (USA).
FIFA has entered into a partnership with blockchain technology company Algorand in the form of a sponsorship and technical collaboration agreement.
This agreement will see Algorand become the official blockchain platform of FIFA and provide the official blockchain-enabled wallet solution. Under the sponsorship agreement, Algorand will be a regional promoter of the 2022 FIFA World Cup Qatar™ in North America and Europe, and an official sponsor of the 2023 FIFA Women’s World Cup Australia & New Zealand™.
Blockchains enable the permanent recording and distribution of non-editable data across digital networks, while facilitating innovations and ensuring the secure, tamper-free exchange of securities and assets, such as Non-Fungible Tokens (NFTs), and through blockchain-enabled wallets containing digital assets.
Under the agreement, Algorand will also assist FIFA in the development of its digital asset strategy, while FIFA will provide sponsorship assets, including advertising, media presence and promotional opportunities.
Commenting on the announcement, FIFA President Gianni Infantino said: “We are delighted to announce this partnership with Algorand, a clear demonstration of FIFA’s commitment to continuously seek innovative channels for sustainable revenue growth to reinvest in football, ensuring transparency for our stakeholders and fans around the world, a key element of our vision to make football truly global. I look forward to a long and fruitful collaboration with Algorand.
Romy Gai, Head of FIFA’s Commercial Division, added: “This announcement represents an exciting moment for FIFA as it officially enters the blockchain world and the opportunities it offers in a variety of applications. FIFA must constantly strive to identify and explore the most cutting-edge, sustainable and transparent means to increase revenue and further support the development of world football. Algorand is clearly an innovative and forward-looking partner that can help us achieve these goals.
Algorand’s blockchain, created by Turing Award-winning cryptographer Silvio Micali, is the technology of choice for more than 2,000 global organisations, governments and digital native decentralised finance applications. Specifically, Algorand helps organisations in finance, gaming, music, art and sports that seek to incorporate the digital capabilities of Web3 as a way to accelerate growth, inclusion, transparency and innovation in an environmentally friendly way.
“Algorand has been focused since its inception on creating technology that promotes inclusion, opportunity and transparency for all,” said Silvio Micali, founder of Algorand. “This partnership with FIFA, the world’s most recognised and distinguished sports organisation, will showcase the potential of Algorand’s blockchain to transform our experience of the beautiful game.