As the FIFA World Cup 2022 kicks off, industry insiders have projected that alongside the fanfare and celebrations, the world’s biggest sporting event will also boost crypto adoption.
Crypto.com Official Sponsor
In early 2022, the crypto exchange platform Crypto.com was selected as a lead sponsor for the FIFA World Cup 2022, exposing the platform (and industry) to an estimated 5 billion people worldwide.
In recent months the crypto company has pursued giant market campaigns, including having spent $700 million for naming rights of the former Stables Centre in Los Angeles in December 2021. With a drive to get its name out there and educate the masses on cryptocurrencies, Crypto.com is not only leveraging itself but the industry as a whole.
Algorand Named As Official Blockchain Partner
On top of the crypto headline sponsor, the FIFA World Cup also announced Algorand as its official blockchain partner. According to the partnership, the blockchain platform will provide the event with an official blockchain-supported wallet solution and assist the organization with developing its digital assets strategy.
Romy Gai, FIFA's Chief Business Officer stated, “This announcement is an exciting moment for FIFA, as it officially enters into the world of blockchain and the opportunities this presents across various applications. At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable, and transparent means of increasing revenues to continue to support global football development.”
Middle East Positioning Itself As Crypto Hub
This year, Binance secured regulatory permission to operate in both Dubai and Abu Dhabi, as well as Bahrain, positioning the Middle East as a crypto-friendly region eager to welcome crypto-focused companies. This has sparked many other crypto companies to explore relocating their headquarters there.
According to Chainalysis, the Middle East and North Africa (MENA) have been the fastest-growing markets in 2022. Comparing data from 2020-2021 to 2021-2022, the number of crypto transactions increased by 48% indicating a heightened use of cryptocurrencies in day-to-day living.
With increased adoption and companies relocating headquarters, Dubai has been labeled as a crypto hub as crypto companies based there service not only customers in the Middle East but Sub-Saharan Africa and Asia as well.
World Cup Set To Boost Crypto Awareness
The FIFA World Cup is known to draw fans from around the world. Thankfully cryptocurrency networks allow fans to easily and conveniently move their money across borders without having to consider foreign exchange rates.
While crypto transactions are banned in the country, many users are bypassing this by loading crypto-fueled cards before arriving in the country and using these to facilitate payments.
With a lot of eyes on the event, the exposure is set to boost crypto awareness, and in the same breath leverage its adoption in the 211 associated nations.
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