The International Federation of Football Associations (FIFA) has granted Algorand regional sponsorship status for the FIFA World Cup in Qatar. The protocol has become the official blockchain platform of the tournament.
BREAKING: @FIFAcom has announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more 👉 https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6
— Algorand (@Algorand) May 2, 2022
The project team will assist FIFA in developing a digital assets strategy with a focus on NFTs and will provide a solution for the tournament wallet.
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Algorand will also become an official sponsor of the FIFA Women’s World Cup in Australia and New Zealand in 2023.
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Gianni Infantino, the president of the sporting organisation, said that the partnership with Algorand aligns with FIFA’s pursuit of \”innovative channels for sustainable revenue growth\”.
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Algorand reacted to the news with a rise of almost 20% in the last 24 hours, according to CoinGecko. The asset ranks 31st by market capitalization among cryptocurrencies.
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In March 2022, Crypto.com became the official sponsor of the FIFA World Cup.
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In December 2021, Borderless Capital launched a $500 million fund to support projects in the Algorand ecosystem.
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