$ALGO Surges 20% After Algorand Foundation and FIFA Sign Partnership Agreement
FIFA, “a non-profit organization that describes itself as an international governing body of association football, futsal and beach soccer”, has announced that it has signed “a sponsorship and technical partnership deal” with blockchain startup Algorand.
As Binance Research explained in a research report published in June 2019, Algorand is “a permissionless, pure proof of stake blockchain that ensures full participation, protection and speed within a truly decentralized network.”
Algorand’s aim is “to remove technical barriers that have undermined mainstream blockchain adoption: decentralization, scale, and security.”
Algorand was built by a team of “internationally recognized researchers, mathematicians, cryptographers, and economists along with proven business leaders from global technology companies.” The executive team consists of Silvio Micali (Founder), Steve Kokinos (CEO), and W. Sean Ford (COO).
According to the press release issued by FIFA on Monday (May 2), this agreement “means Algorand will become the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution.” Also, Algorand will “assist FIFA in further developing its digital assets strategy.”
As for the sponsorship agreement, what this means is that 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.”
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 world-wide football fans – a key element of our Vision to make football truly global. I look forward to a long and fruitful partnership with Algorand.“
As for FIFA Chief Business Officer Romy Gai, he offered this comment:
“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.“
And Algorand Founder Silvio Micali had this to say:
“From the beginning, Algorand has focused on building technology that promotes inclusivity, opportunity and transparency for all. This partnership with FIFA, the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.“
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