Algorand scores FIFA partnership
The price of Algorand tokens surged after the network was selected as official blockchain of the upcoming football World Cup.
Algorand was selected as the official blockchain partner by FIFA before the World Cup competition starts in November in Qatar.
Algorand will be a "regional supporter" for the World Cup in North America and Europe. Furthermore they will be one of the official sponsors of the Women's World Cup in Australia and New Zealand next year.
This was made public just after weeks crypto exchange Crypto.com became a sponsor of the 2022 World Cup.
Algorand will provide the official blockchain-supported wallet for FIFA as a sponsorship and technical partnership deal. FIFA will also get assistance from Algorand to "further develop its digital assets strategy" and Algorand will have the opportunity for promotions, advertising and media exposure through FIFA.
"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 President Gianni Infantino stated.
