ZURICH: FIFA has struck a sponsorship and technical partnership deal with blockchain technology company Algorand ahead of World Cup Qatar 2022 that kicks off in November.
According to the agreement, Algorand will become the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution. As per the sponsorship agreement, Algorand will be a FIFA World Cup Qatar 2022 Regional Supporter in North America and Europe, and an official sponsor of next year’s Women’s World Cup in Australia and New Zealand.
The agreement comes weeks after crypto exchange Crypto.com became a sponsor of Qatar 2022.
Blockchains allow non-editable data to be permanently recorded and distributed on digital networks, while also facilitating innovations and ensuring safe, untampered exchange of value and assets such as non-fungible tokens (NFTs), and through blockchain-enabled wallets holding digital assets.
As part of the agreement, Algorand will also assist FIFA in further developing its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure and promotional opportunities.
Commenting on the announcement, FIFA president Gianni Infantino said: “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.”
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 clearly a forward looking, innovative partner that can help us achieve these goals.”
Founded by Silvio Micali, the Algorand blockchain has agreements in place with over 2,000 global organisations, governments and digital-native defi applications.
