Fifa“a non-profit organization that describes itself as an international governing body for association football, futsal and beach soccer”, announced that it has signed “a sponsorship and technical partnership agreement” with the blockchain startup Algorand.
As Binance Research explained in a research report released in June 2019, Algorand is “a pure, permissionless proof blockchain that guarantees total participation, protection, and speed within a truly decentralized network.”
Algorand’s goal is “to break down the technical barriers that have undermined traditional blockchain adoption: decentralization, scale, and security.”
Algorand was built by a team of “internationally renowned researchers, mathematicians, cryptographers and economists, as well as proven business leaders from global technology companies”. The management team is made up of Silvio Micali (Founder), Steve Kokinos (CEO) and W. Sean Ford (COO).
According to Press release published by FIFA on Monday, May 2, this agreement “means that Algorand will become the official FIFA blockchain platform and provide the official blockchain-supported wallet solution.” In addition, Algorand “will help FIFA further develop its digital asset strategy.”
Regarding the sponsorship agreement, this means that Algorand will be “a regional supporter of the FIFA World Cup Qatar 2022™ in North America and Europe, and an official sponsor of the FIFA Women’s World Cup. FIFA Australia & New Zealand 2023™”.
FIFA President Gianni Infantino said:
“We are delighted to announce this partnership with Algorand. This collaboration is a clear indication of FIFA’s commitment to continuously seek innovative channels for sustainable revenue growth to further reinvest in football, ensuring transparency for our stakeholders and football fans around the world. – a key part of our vision to make football truly global. I look forward to a long and fruitful partnership with Algorand.“
As for FIFA Commercial Director Romy Gai, he commented:
“This announcement is an exciting time for FIFA as it officially enters the world of blockchain and the opportunities it presents through various applications. At FIFA, we must constantly strive to identify and explore the most advanced, sustainable and transparent ways to increase revenue to continue supporting the development of world football. Algorand is clearly an innovative and forward-looking partner who can help us achieve these goals.“
And Algorand founder Silvio Micali had this to say:
“From the beginning, Algorand has been focused on building technology that promotes inclusivity, opportunity, and transparency for everyone. This partnership with FIFA, the world’s most recognized and distinguished sports organization, will showcase the potential of Algorand’s blockchain to transform the way we all experience the global game.“
According to data from TradingView, on Coinbase, currently (as of 10:43 UTC May 3), $ALGO is trading around $0.7016, up 19.2% in the last 24 hours.
In January, the former White House communications director Antoine Scaramucciwho is the founder and managing partner of a global alternative investment firm Capital SkyBridge (“SkyBridge”), shared his thoughts on Algorand.
SkyBridge is “a global alternative investment firm specializing in multi-strategy blended hedge fund-of-fund products, custom segregated account portfolios and hedge fund advisory solutions to meet the needs of a wide range of players. of the market ranging from accredited individual investors to large institutions”.
According to a report published by The Daily Hodl on January 16, during an interview (with Digital Asset News) broadcast on YouTube on January 15, Scaramucci explained why he had invested $250 million in Algorand so far:
“I have a quarter billion dollars in Algorand right now. I think Algorand will be the Google...
“You and I, when we were young, connected to the Internet with AltaVista. We used Lycos, America Online – even Prodigy, if you remember. And then lo and behold, in 1998, this company came along, called Google, and people were like, “Why the hell do I need this?” I have all these other instruments to access the Internet,” and then people say, “Well, you know, it’s faster. It has machine learning, algorithms are more prevalent. It’s going to lead to better results,” and lo and behold, Google beat everyone else, and I think that’s going to happen with Algorand...
“I think ultimately when big companies move to the tokenization side of the market and they start working in the world of DeFi (decentralized finance), they’re going to need something scalable like Algorand , secure like Algorand and ultimately decentralized, so they won’t have to worry about the capricious inflation-deflation of what they use as a form of value exchange...
“Algorand for me is the future. It’s just going to require more and more people doing their due diligence and making the decision to choose it.“
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading crypto-assets involves the risk of financial loss.