Algorand sponsors the FIFA world cup, becoming the first US company to do so in 11 years. This year the tournament will be held in Qatar with multiple blockchain sponsors. The price of the token is already up 20% in the last 24 hours, and we can expect the rally to keep up. It is a significant partnership and can work wonders for the project and the industry as a whole.
Algorand sponsors FIFA world cup: The first US deal in 11 years
This deal with FIFA is to help them develop a digital assets strategy, said the world cup group. NFTs could also become a massive part of this year’s world cup with this new partnership. That adds another primary source of revenue for the world cup and boosts its engagement with enthusiasts. Coming to sponsors, for any major league or event, having a sponsorship is critical for the league’s survival and profits.
In the last 11 years, since FIFA was implicated by the US Federal Investigation for corruption in the game, they have found it difficult to get American companies as long-term sponsors. Even for the 2022 world cup, they have signed most of the sponsors from Russia, China, and Qatar. However, it’s good that blockchain companies like Crypto.com and now Algorand is going to be part of the world cup.
Algorand (ALGO) is a digital currency as well as a blockchain platform. Their platform is meant to handle a large number of transactions fast, much like a big payment processor such as Mastercard or Visa. Algorand is a direct rival to Ethereum since it can host other cryptocurrencies and blockchain-based initiatives. The platform’s native currency, ALGO, is used to secure the Algorand blockchain and pay transaction fees for Algorand-based transactions.
Silvio Micali, a cryptographer, and lecturer at the Massachusetts Institute of Technology, invented the Algorand platform and coin in 2017. Its total supply is fixed at 10 billion coins, with around 7 billion of it now in circulation. The project is based on a pure proof of stake consensus which selects network operators from the full ALGO currency pool.
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