Algorand becomes the official sponsor of the FIFA World in Qatar in 2022

Algorand becomes the official sponsor of the FIFA World in Qatar in 2022 ...

Algorand, a green blockchain technology firm, has signed a sponsorship agreement with FIFA, the world football regulatory body, to sponsor the 2022 FIFA World Cup in Qatar this winter. Although Qatar has banned crypto, the large sporting event will attract millions of spectators.

Algorand, a green proof-of-stake blockchain, was established in 2017 by Silvio Micali, an MIT professor and Turing Award-winning cryptographer.

"From the start, Algorand has focused on building technology that fosters inclusivity, opportunities, and transparency for everybody," said Silvio Micali. This partnership with FIFA, the most globally recognized and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to revolutionize the way we all experience the worlds game. After the announcement, the token price was increased 20%, reaching $0.72.

According to FIFA, the two companies are also developing a technical partnership to assist FIFA in drafting a cryptocurrency strategy, including for developing soccer-related NFTs and non-fungible tokens.Algorand will also assist FIFA in establishing a blockchain-supported wallet.

Algorand''s sponsorship will be extended extended to the FIFA Womens World Cup in Australia and New Zealand in 2023.

It is unclear how much money the sponsorship agreement is worth, butFIFA''s total revenue projection for its current four-year cycle, which will conclude in Qatar, is expected to be $7 billion. FIFA derives the majority of its revenues from sponsorship and licensing agreements for television, marketing, and hospitality.

When Johnson & Johnson signed up for the World Cup in Brazil, the last time a new American sponsor signed up was 2014.

a FIFA representative said this is the first time a blockchain company has sponsored the World Cup: "Algorand is clearly a forward-looking, innovative partner that can assist us achieve these goals." According to FIFA Chief Business Officer Romy Gai.

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