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As cryptocurrency firms take on sports sponsorship deals in an effort to gain brand awareness and customer engagement, blockchain tech firm Algorand (ALGO-USD) is the latest to become an official blockchain partner of FIFA ahead of this year’s World Cup tournament, according to a release May 1.
Algorand (ALGO-USD +10.2%) tokens are climbing to $0.67 in Tuesday afternoon trading.
As per Algorand’s (ALGO-USD) deal, the company will be regional supporter for North America and Europe at the World Cup Qatar 2022 tournament, the release said. It will also be an official sponsor of a FIFIA Women’s World Cup Australia and New Zealand 2023.
Overall, Algorand (ALGO-USD) will help FIFA further develop its digital asset strategy in return for sponsorship assets including advertising and media exposure.
“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 worldwide football fans – a key element of our vision to make football truly global,” stated FIFA President Gianni Infantino.
The news comes after crypto exchange Crypto.com (CRO-USD) in March partnered with FIFA.
In the beginning of April, Crypto.com partnered with UFC.
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