Algorand becomes the first US blockchain sponsor of the FIFA World Cup

Blockchain network Algorand (ALGO) has partnered with FIFA for a sponsorship and technical partner deal as the network becomes the Football Association’s first official blockchain platform.

The agreement, announced on Monday, May 2nd, will also make Algorand a regional supporter in North America and Europe for the 2022 FIFA World Cup, which will be held in Qatar in November and December.

BREAK: @FIFAcom has announced #Algorand becomes FIFA’s official blockchain, empowering the global football community with cutting-edge, sustainable technology. Continue reading @FIFA World Cup #FIFA World Cup pic.twitter.com/LuEFTY3WK6

— Algorand (@Algorand) May 2, 2022

Algorand will also be Official Sponsor of the 2023 FIFA Women’s World Cup in Australia and New Zealand.

The proof-of-stake chain will support FIFA in the development of its “digital asset strategy”, with the announcement explaining blockchain technology in the context of non-fungible tokens (NFTs). Therefore, it is likely that Algorand could support FIFA in developing their own NFT collection. Additionally, as part of the partnership, Algorand will offer an “official blockchain-backed wallet solution.”

FIFA President Gianni Infantino expressed his delight at the partnership, saying it was a “sign of FIFA’s commitment to continually seek innovative channels for sustainable revenue growth,” adding that he looked forward to a “long and fruitful Partnership with Algorand”.

Algorand is another crypto company sponsoring the FIFA World Cup, as cryptocurrency exchange Crypto.com became the official crypto trading platform sponsor for the 2022 World Cup in March. It’s an interesting move as crypto is banned in Qatar, but reasonable considering the large international audience.

Related: Algorand aims to convert network transaction fees into carbon offsets

The competition, which takes place every four years, was last held in Russia and was one of the most-watched sporting events in the world, with the 2018 World Cup being watched by over 3.2 billion people – about half of the world’s population aged over four. Around 1.1 billion people tuned in live for the 90-minute final between France and Croatia alone.

Algorand is the first new sponsor of the World Cup in the United States since 2011. For the past decade, the connection has been in hot water over bribery, money laundering and corruption with US federal prosecutors, with recent charges in April 2020 of bribery related to the selection of World Cup host countries, including Qatar.

In the last 24 hours, the price of Algorand’s native token has jumped almost 20% from a 24-hour low of $0.58 to $0.72 on the announcement.