Two-Year Partnership with Algorand Foundation Ltd.

In brief · summary, not quotable

World Chess PLC has entered a two-year partnership with Algorand Foundation Ltd, renewing and expanding their existing collaboration. Algorand will allocate a portion of its ALGO treasury for staking, directing the rewards to World Chess. This will provide World Chess with approximately USD 175,000 per quarter, totaling USD 700,000 annually, in ALGO tokens. The partnership will support the integration of blockchain technology across World Chess products, including Chess ID, user wallets, and a new on-chain loyalty system called The Tower. Algorand will remain the exclusive Blockchain Partner of World Chess, with branding featured across events, broadcasts, and digital platforms.

Full announcement

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World Chess plc (LSE: CHSS), a leading chess organisation that develops and operates worldchess.com, the official online gaming platform of the International Chess Federation (FIDE), today announces that it has entered into a two-year partnership agreement with Algorand Foundation Ltd ("Algorand"), the Singapore-based organisation supporting the Algorand blockchain ecosystem.

Partnership renews and expands the long-standing collaboration between World Chess and Algorand.
Algorand will stake part of its ALGO (native Algorand blockchain cryptocurrency) treasury with a professional custodian to generate staking* rewards and direct them towards the partnership.
World Chess will receive approximately USD 175,000 per quarter (USD 700,000 annually) in ALGO tokens through staking rewards.
The partnership supports the integration of blockchain technology across World Chess products, including Chess ID, user wallets, and a new on-chain loyalty system called The Tower.
Algorand remains the exclusive Blockchain Partner of World Chess, featured across events, broadcasts, and digital platforms.

Details of the Partnership

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 will receive quarterly rewards in ALGO tokens, estimated at around USD 175,000 per quarter, which will be used to support the ongoing development and promotion of blockchain-powered chess services. The structure of the partnership - in which Algorand stakes part of its treasury and directs the staking rewards to World Chess - also contributes to strengthening the overall Algorand network.

Algorand will continue as the Official Blockchain Partner of World Chess, with branding featured across worldchess.com, mobile apps, the Armageddon Championship Series, and global chess events.

Ilya Merenzon, Chief Executive Officer of World Chess, commented:

"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."

*Staking in "proof-of-stake" blockchains is a process similar to earning interest on a deposit in a digital network. More info on its implementation on Algorand blockchain can be found via the link - https://algorand.co/staking-rewards.

Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.