Football’s highest governing body FIFA has partnered with Algorand. A permissionless, proof of stake blockchain protocol that is self sustaining, decentralized and supports a wide range of applications.  Algorand is secure, scalable and efficient. Algorand aims to speed up transactions and improve efficiency.

The development had an instant impact on the market price of ALGO. The price of it’s native token ALGO soared by double-digits and marked a multi-week high. The coin’s daily candle traded at a low of $0.58 on May 2 but surged to a high of $0.75 yesterday. ALGO ranks No. 29 among digital currencies by market capitalization, it is currently trading around $0.62 as at time of the time of this release. This project is has now attracting a lot interest from investors.

Algorand at FIFA World Cup Qatar 2022

According to the press release issued by FIFA on Monday, May 2, the agreement means Algorand will become the official blockchain platform of FIFA. Algorand will assist FIFA in further developing its digital assets strategy.

Under the partnership, Algorand will become a FIFA 2022 World Cup regional supporter in Europe and North America, as well as the Women’s FIFA World Cup 2023 supporter in Australia and New Zealand

In a statement, 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.”

FIFA Chief Business Officer, Romy Gai, noted that the partnership marks an exciting moment in the organisation’s history, as the collaboration creates the perfect opportunity for the world football governing body to delve into the world of cryptocurrencies and to explore the opportunities associated with the asset class.

“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.”

Algorand Founder, Silvio Micali said, “From the beginning, Algorand has focused on building technology that promotes inclusivity, opportunity and transparency for all. This partnership with FIFA, the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”

Football is a natural fit for the Algorand platform. As the world’s football governing body FIFA looks to leverage on the power of Algorand to help provide a new platform for players to achieve their goals, as well as a new platform for fans to engage more directly with players and teams.

FIFA X Crypto

Algorand happens to be FIFA’s first blockchain partner but it is not its first crypto partner. Prior to this sponsorship deal with Algorand, in March the football governing body had announced a partnership with Crypto.com ahead of the prestiguous World Cup tournament this year.

The crypto trading platform announced that it would be a sponsor of the 2022 World Cup. The partnership, will allow Crypto.com advertisements to be displayed on tournament stadia and outside football grounds during the FIFA World Cup 2022, which will be broadcasted to billions of viewers worldwide. This will allow the project attract a lot of interest from investors around the world because of the vast audience of the prestigious tournament.

The world’s most popular sport is now the context for another significant moment in the evolution of digital currencies and tokens. The announcement by FIFA, the world’s largest international sports federation, that it has partnered with two crypto platforms is a further demonstration of the power of these new financial market, and the opportunity for brands to associate themselves with the greater good.