FIFA Welcomes Algorand as Official Blockchain Sponsor
- The blockchain has become the regional supporter in North American and Europe for the 2022 World Cup, and also the official sponsor of the Women’s World Cup in 2023.
- The partnership will see Algorand help FIFA further develop its digital asset strategy, and also provide it with an official wallet solution.
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The Algorand blockchain has partnered with FIFA, football’s international governing body, becoming its official blockchain partner for the 2022 World Cup, FIFA said in a press release on 2 May.
According to the announcement, Algorand will play the role of a “regional supporter” in North America and Europe for the 2022 World Cup, which will be held in Qatar this November and December. The blockchain will also become the official sponsor of the Women’s World Cup in Australia and New Zealand in 2023. Silvio Micali, founder of Algorand, said in a statement:
“From the beginning, Algorand has focused on building technology that promotes inclusivity, opportunity and transparency for all. This partnership with FIFA, the most globally recognized and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”
As part of the sponsorship and technical partnership deal Algorand will assist FIFA in further developing its “digital assets strategy”, and also provide the governing body with an “official blockchain-supported wallet solution”. Algorand, on the other hand, will have the opportunity to promote, advertise, and increase its media exposure through FIFA’s World Cup, which back in 2018 was watched by over 3.2 billion people.
Algorand is not the first crypto company to sign a partnership with FIFA, with Crypto.com becoming the official crypto trading platform sponsor for the 2022 World Cup back in March. While crypto trading has been illegal in Qatar since 2018, the exchange noted its branding will appear both inside and outside of stadiums during the event. It will also provide opportunities for its users to attend matches and win official merchandise as part of the partnership.
- The Algorand wallet provider has warned users to withdraw their assets from mnemonic wallets after an attacker targeted a group of “high-profile MyAlgo accounts”.
- The root cause of the attacks remains unknown, with MyAlgo still investigating the issue, but reports have indicated that close to $9M were stolen so far.
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- e-Money will issue eEUR, eCHF, eNOK, eSEK, and eDKK on Algorand.
- The integration will drive the adoption of Algorand-based applications among European users and enable faster time-to-market dApps offering stablecoins on Algorand.
- The Algorand Foundation has allocated 150 million ALGO tokens (roughly $315 million) to the “Viridis DeFi Program”, its new DeFi innovation fund.
- 50 million tokens will be used to support the development of DeFi infrastructure and development, while the remaining 100 million will go towards liquidity incentives.