FIFA-Algorand tech deal on wallet solution

Article posted by Coliseum, May 4^th, 2022

Image: FIFA

FIFA has teamed up with blockchain technology company Algorand to agree a sponsorship and technical partnership deal.

The ‘FIFA’ stated that the agreement means Algorand will become the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution. As per the sponsorship agreement, Algorand will be a FIFA World Cup Qatar 2022™ Regional Supporter in North America and Europe, and a FIFA Women’s World Cup Australia and New Zealand 2023™ Official Sponsor.

Zürich (Switzerland)-based FIFA is a non-profit organization that describes itself as an international governing body of association football, futsal and beach soccer. It is the highest governing body of association football.

Heimo Schirgi, Director, World Cups, FIFA, Switzerland, is a Member of Coliseum – Global Sports Venue Alliance.

Boston (US)-based Algorand is an environmentally-friendly proof-of-stake blockchain founded in 2017 by the MIT Professor and Turing Award-winning cryptographer, Silvio Micali. The company develops a scalable, secure and decentralized digital currency and transactions platform.

The ‘FIFA’ further stated that blockchains allow non-editable data to be permanently recorded and distributed on digital networks, while also facilitating innovations and ensuring safe, untampered exchange of value and assets such as non-fungible tokens (NFTs), and through blockchain-enabled wallets holding digital assets.

As part of the agreement, Algorand will also assist FIFA in further developing its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure and promotional opportunities.

On the occasion of the announcement, FIFA President Gianni Infantino remarked, “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.”

FIFA Chief Business Officer Romy Gai added, “This announcement is an exciting moment for FIFA, as it officially enters into the world of blockchain and the opportunities this presents across various applications. At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable and transparent means of increasing revenues to continue to support global football development. Algorand is clearly a forward looking, innovative partner that can help us achieve these goals.”

The Algorand blockchain is the technology of choice for over 2,000 global organizations, Governments and digital-native decentralized finance (DeFi) applications. In particular, Algorand helps organizations in finance, gaming, music, art and the sports world that seek to adopt Web3 digital capabilities as a path to accelerate growth, inclusiveness, transparency, and innovation in an environmentally responsible way.

Averred Silvio Micali, Founder of Algorand, “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.”

Continue to follow Coliseum for latest updates on venues business news. Coliseum is dedicated towards building the best global community of sports and entertainment venue executives and professionals creating better and more profitable venues.

Become a member of the only Global Sports Venue Alliance and connect with stadiums, arenas and experts from around the world. Apply for membership at coliseum-online.com/alliance and make use of the 365Coliseum Business.

Watch 380 member-exclusive videos with valuable tips for your venue