By Mark Hunter
19 hours agoTue May 03 2022 11: 17: 51
Reading Time: 2 minutes
- Algorand has been named as the official blockchain provider to the FIFA World Cup 2022
- Algorand will provide “the official blockchain-supported wallet solution” to the tournament
- The partnership suggests that a cryptocurrency or NFT collection is in the works
Algorand and FIFA have announced a partnership that will see the blockchain company’s technology used at the forthcoming 2022 World Cup in Qatar. Algorand tweeted the good news overnight, which resulted in the value of the token jumping 20%. FIFA stated in a press release that the platform will “provide the official blockchain-supported wallet solution” as well as assisting FIFA in “further developing its digital assets strategy”. The partnership suggests that blockchain technology will have a part to play in the World Cup and follows on from Crypto.com announcing in March that it will sponsor the competition.
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
Algorand Tops the Group
The news that Algorand will provide wallet support to FIFA means that an official cryptocurrency or, more likely, NFT collection is in the works, which will see the official FIFA wallet based on the Algorand blockchain. The development is a coup for Algorand given how many blockchains are out there and shows that it could now be classed as a blue chip blockchain, depending how it performs during the competition.
FIFA President Gianni Infantino said that collaboration is a “key element of our Vision to make football truly global” and that he looked forward to “a long and fruitful partnership with Algorand”, while FIFA Chief Business Officer Romy Gai added that it Algorand is “a forward looking, innovative partner that can help us achieve these goals.”
Silvio Micali, founder of Algorand, said that FIFA is “the most globally recognised and distinguished organisation in sports” and that the partnership would “showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”