In what highlights the growing significance of distributed ledger solutions, the world’s football governing body, FIFA, is partnering with Algorand to boost revenue and receive guidance on developing a digital asset strategy, according to reports on May 2, 2022.
Algorand Partners with Algorand
From this deal, Algorand is now the official blockchain platform for FIFA, tasked with also providing official and secure crypto-wallets.
Of note, Algorand will become the FIFA World Cup Qatar 2022™ Regional Supporter in North America and Europe. Furthermore, it shall become the FIFA Women’s World Cup Australia and New Zealand 2023™ Official Sponsor according to details from the partnership agreement.
While there have been no details of what the world cup sponsorship deal entails. However, FIFA is setting a high target of collecting about $7 billion in revenue in the four-year commercial cycle that concludes in Qatar in June 2022. Solutions offered by Algorand, including transparency and security, will progressively aid FIFA in achieving its mega revenue target.
On the technical side of the deal, Algorand will assist FIFA in developing a digital assets strategy. Meanwhile, FIFA will supply sponsorship assets ranging from advertisement, media exposure, and other media opportunities.
FIFA is Committed to Innovation
FIFA President Gianni Infantino has said the governing body is committed to incorporating new and exciting channels. This is as they aim to grow sustainably and transparently in its quest to make football a truly global sport. According to estimates, there are over 3.5 billion football fans across the globe, creating a $500 billion market.
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 worldwide football fans – a key element of our Vision to make football truly global. I look forward to a long and fruitful partnership with Algorand.
Algorand is tuned for Speed
Algorand, launched by Silvio Micali–an MIT Professor–is tuned for scalability, speed, and to resolve the blockchain trilemma. Unlike other competing proof-of-stake networks with steep requirements to operate validator nodes and decentralize the network, all interested operators need is one ALGO to help approve transactions.
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