FIFA has formed new finance and technical collaboration arrangement with blockchain firm Algorand (ALGO).

Algorand will become FIFA's official blockchain engineering partner as a result of this event. Algorand will be FIFA's regional sponsor in North America and Europe for the 2022 FIFA World Cup Finals in Qatar, as well as the 2023 FIFA Women's World Cup in Australia and New Zealand, under the terms of the agreement.

https://twitter.com/fifamedia/status/1521264334235705345?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1521264334235705345%7Ctwgr%5E%7Ctwcon%5Es1_&amp;ref_url=https%3A%2F%2Fcoinlive.me%2Falgorand-algo-becomes-fifas-new-blockchain-partner-for-the-2022-world-cup-in-qatar-18273.html

Furthermore, Algorand will aid FIFA in further developing its digital asset strategy by providing blockchain wallet alternatives and bolstering FIFA's visibility in the football-related NFT industry. Meanwhile, FIFA will assist Algorand is becoming more well-known in the media and developing promotional opportunities for the platform.

Notably, Algorand is the first US-based World Cup sponsor since 2011, just over a decade after FIFA was repeatedly implicated in a US federal investigation into corruption in international football and struggled to retain long-term partnerships with major brands such as Coca-Cola, Visa, McDonald's, and Budweiser.

Until a few months ago, FIFA had negotiated almost all sponsorship deals for the 2018 and 2022 World Cups with companies from the two host countries, Russia and Qatar, as well as China. FIFA, on the other hand, is currently focusing on the technology industry. FIFA also announced a partnership with cryptocurrency exchange Crypto.com for the 2022 World Cup final in March, in addition to Algorand.

Overall, it is apparent that the link between sports and blockchain is proving to be a "big pie" for major cryptocurrency exchanges to compete over in order to expand their brands.

However, while the scope was previously limited to trades between exchanges, there are now signs that more and more single platforms are entering the sports sponsorship competition. Tezos (XTZ), the incumbent, becomes a sponsor of Manchester United education tools, Terra (LUNA) joins hands with the Washington Nationals of Major League Baseball, and DEX Uniswap partners with Esports Team Secret.

Algorand Becomes 2022 Qatar World Cup’s New Blockchain Partner

Notably, Algorand is the first US-based World Cup sponsor since 2011, just over a decade after FIFA was repeatedly implicated in a US federal investigation into corruption in international football and struggled to retain long-term partnerships with major brands such as Coca-Cola, Visa, McDonald's, and Budweiser.

Prabhjeet Bhatla is a cryptocurrency writer covering startups and a researcher since 2020. She has authored many articles for Entrepreneur India and APAC (digital and print) on cryptocurrency and ever-evolving Blockchain, the technology behind Bitcoin, and other cryptocurrencies. She specializes in applied cryptography, privacy-enhanced information storage systems, anonymous cryptocurrencies, elliptic curve crypto-systems, and satellite television piracy.

Algorand Becomes 2022 Qatar World Cup’s New Blockchain Partner

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