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LONDON - World Chess Plc (LSE:CHSS) has entered into a two-year partnership agreement with Algorand Foundation Ltd, renewing and expanding their existing collaboration, according to a press release issued Monday.
Under the agreement, Algorand will stake part of its ALGO cryptocurrency treasury with a professional custodian to generate rewards that will be directed to World Chess. The company will receive approximately $175,000 per quarter in ALGO tokens, totaling $700,000 annually.
The partnership aims to integrate blockchain technology across World Chess products, including Chess ID, user wallets, and a new on-chain loyalty system called The Tower. World Chess also plans to launch a Global Chess Passport powered by Algorand’s web3 identity wallet.
Algorand will maintain its position as the Official Blockchain Partner of World Chess, with branding featured across worldchess.com, mobile apps, the Armageddon Championship Series, and global chess events.
"We’re pleased to extend our collaboration with Algorand as our exclusive blockchain partner," said Ilya Merenzon, Chief Executive Officer of World Chess, in the press release statement. "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 operates worldchess.com, the official online gaming platform of the International Chess Federation (FIDE), and develops chess content and events.
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