Thursday, June 20, 2024

FIFA announces Algorand as her official blockchain platform

FIFA has announced a sponsorship and technical partnership deal with Algorand, the first blockchain platform that uses pure Proof of stake. 

The partnership deal was announced by Fifa president, Gianni Infantino and Silvio Micali, founder of Algorand in Los Angeles, USA. 

Key points of the partnership deal

Blockchain platform of FIFA

In the context of the partnership deal, Algorand will be the official blockchain platform of FIFA. 

This gives Algorand an advanced global recognition as a solution-oriented blockchain platform. 

Algorand is known to be the first blockchain to solve the trilemma of decentralization, scalability, and security. 

Blockchain-supported wallet solution

It should be reiterated that the blockchain in its real sense is geared toward decentralization. 

Algorand is a solution-oriented blockchain which is evident in its pure Proof of Stake and will provide blockchain-supported wallet solutions for FIFA.

Development of digital asset strategy

Aside from the aforementioned key points, Algorand will also help in developing a viable strategy for FIFA’s digital assets. 

The digital assets yet to be announced can be in various forms such as the official cryptocurrency of FIFA, NFTs, and other notable digital assets. 

Sponsorship assets

With regards to the provisions of Algorand blockchain as the official blockchain platform of FIFA. 

Fifa will provide sponsorship assets including advertising, media exposure, and promotional opportunities for Algorand. 

To start with, Algorand will be a Regional Supporter of FIFA World Cup Qatar 2022™ in North America and Europe. 

Not only that, Algorand will be the official sponsor of FIFA Women’s World Cup Australia and New Zealand 2023™

During the announcement, FIFA President, Gianni Infantino said: 

“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.”

In his word, 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 word of Romy Gai acknowledges blockchain as sustainable and transparent and also endorses Algorand as a catalyst for global football development. 

In conclusion, Silvio Micali, the founder of Algorand said; 

“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.”

Writer’s corner

The recent partnership deal can be considered a way for FIFA to get into the blockchain. 

2021 witnessed different adoptions by various organizations and countries while 2022 is just getting started. 

More and more adoptions have been approved by nations across the globe. 

At the continent level, Binance was the official sponsor of the just concluded African Cup of Nations. 

While these are very important, the announcement by FIFA is a worthwhile partnership that indicates the global adoption of blockchain technology. 

Algorand in history

Click on the image to know more about Algorand

Algorand has been the home of notable blockchain-as-a-service platforms which is one of the reasons why Crypto Smart, Africa’s No. 1 B2B Asset Management Company upscaled to the Algorand blockchain

Upon successful upscaling, Crypto Smart has developed a launchpad that will enable other business and fintech companies to upscale without stress. 

This is just one of the numerous solutions built on Algorand and just one of Crypto Smart’s blockchain products. 

Algo’s Price Action

With the current indecision in the Crypto market generally, Algo, the native coin of Algorand, increased by 25%. 

The price increase which retraced at $0.7 is still below this year’s ATH of $1.0 which was not sustained for too long. 

According to Tolani Olawore; 

If you get into blockchain today, you are early. 

Do you still want to watch or will you join the moving train before it is too late? 

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Buildoooooor, more than a rapper, loves maths, loves writing. Founder and Business Developer Crypto Smart, and QLIP.

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