World Chess announces two-year partnership with Algorand Foundation

(Alliance News) - World Chess PLC on Monday announced a two-year partnership with Algorand Foundation Ltd, a Singapore-based organisation supporting the Algorand blockchain ecosystem.

World Chess, a London-based chess promoter and tournament organiser, said the partnership renewed and expanded a long-standing collaboration between the two partners.

World Chess said it will receive about USD175,000 per quarter in ALGO tokens through staking rewards.

The firm added: "Under the renewed agreement, Algorand and World Chess will continue their cooperation to bring blockchain technology to mainstream chess audiences. The partnership will enable World Chess to launch new features such as The Tower, a blockchain-based loyalty and rewards programme built on Algorand's custodial solution for businesses, and the upcoming Global Chess Passport, powered by Algorand's web3 identity wallet."

World Chess Chief Executive Officer Ilya Merenzon said: "We're pleased to extend our collaboration with Algorand as our exclusive blockchain partner. This partnership allows us to build innovative products such as the Tower and the Global Chess Passport, linking online, over-the-board, and live events into one connected chess ecosystem."

World Chess shares rose 3.0% to 1.39 pence each on Monday morning.

By Tom Budszus, Alliance News slot editor

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