Algorand evolves as 1st US blockchain backer of FIFA World Cup

May 3, 2022

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Algorand evolves as 1st US blockchain backer of FIFA World Cup

Blockchain system Algorand or ALGO has joined hands with FIFA, inking a sponsorship and specialized partner contract as the system becomes the soccer federation’s 1st official blockchain forum. The treaty was announced on Monday, 2nd May will also see Algorand evolve as a regional backer in North America and Europe for the 2022 FIFA World Cup.

The 2022 FIFA World Cup is to take place in Qatar in November and December. Algorand will also be an authorized supporter of the FIFA Women’s World Cup in Australia and New Zealand which is going to take place in 2023.

The proof-of-stake line will help FIFA in developing its digital assets technique, with the statement explaining blockchain technology in the context of non-fungible tokens. Accordingly, it may be likely that Algorand could help FIFA with developing its own NFT collection. Additionally, as part of the cooperation, Algorand will be furnishing an official blockchain-supported wallet remedy.

FIFA President Gianni Infantino conveyed his delight at the cooperation saying it was evidence of FIFA’s responsibility to frequently seek ingenious tracks for endurable earnings development adding that he is glancing forward to a long and beneficial partnership with Algorand. Algorand is another crypto company to fund the FIFA World Cup as digital currency exchange evolved as the official crypto trading forum sponsor for the 2022 World Cup in March. It is a fascinating move since crypto is prohibited in Qatar, but acceptable when contemplating the huge quantities of worldwide spectators.

The tournament is held every 4 years last took place in Russia and was one of the world’s greatly viewed sporting tournaments, with the 2018 World Cup seen by over 3.2B people which is around half of the world’s population aged above four. Around 1.1B people alone tuned in to live for the 90 minute final between France and Croatia. Algorand is the 1st new United States sponsor of the World Cup since 2011.

The last decade has seen the federation in hot water with U.S. federal prosecutors on charges of bribery, money laundering, and fraud, with current charges in April 2020 for bribes to the selection of World Cup host nations, including Qatar.

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