- Algorand (ALGO) has become FIFA’s first US-based sponsor in more than a decade. Following the network’s selection as the official blockchain of the upcoming football World Cup algorand price climbed.
Popular blockchain project Algorand (ALGO)has signed a partnership with FIFA and become the official blockchain sponsor of the 2022 FIFA World Cup, scheduled to start on November 21. Financial terms of the high-profile deal have yet to be disclosed.
Under the agreement, Algorand will become a “regional supporter” of the World Cups in North America and Europe, and an official sponsor of the Women’s World Cup in Australia and New Zealand next year.
BREAKING: @FIFAcom has announced #algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more 👉 https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6
— Algorand (@Algorand) May 2, 2022
Under this sponsorship and technical partnership agreement, Algorand will provide an official blockchain powered wallet for FIFA. Algorand will help FIFA “further expand its digital presence strategy” and Algorand will have opportunities for promotion, advertising and media awareness through FIFA.
As Koinfinans.com stated, FIFA will also create its own cryptocurrency strategy with the help of Algorand. In addition, the governing body is a non-fungible token (NFT) He also plans to publish his collection.
The partnership was announced in Los Angeles by FIFA President Gianni Infantino and Algorand founder Silvio Micali. Speaking about the development, FIFA President Gianni Infantino said:
“We are pleased to announce this partnership with Algorand. The collaboration demonstrates FIFA’s commitment to continue to explore creative revenue growth channels to further invest in football, and will provide our stakeholders and football fans worldwide with transparency, a key element of our vision to make football truly global.”
The partnership comes just weeks after Crypto.com became the sponsor of the 2022 World Cup.
ALGO token jumps 20%
According to data from CoinGecko, Algorand’s native token ALGO has increased by more than 20 percent in the last 24 hours, with most of the price action after the FIFA announcement.
Prices rallied from Monday’s low of $0.59 to $0.73 and broke the $0.60 resistance. The price charts show resistance at the current level, which coincides with trend fatigue following last night’s rally.
The popular altcoin is trading at $0.70 at the time of writing.
Strong partnerships on the rise in crypto
Football deals in cryptocurrencies are nothing new. In February, another prominent Proof-of-Stake blockchain, Tezos (XTZ)signed a partnership with professional English football club Manchester United in February.
Also in March, Algorand signed a three-year shirt sponsorship with Gotham FC, a professional women’s soccer team based in New Jersey.
Earlier this year, former JPMorgan executive Staci Warden was appointed CEO of Algorand.
The popular blockchain project was founded in 2017 by MIT professor and cryptography pioneer Silvio Micali. Italian computer scientist came up with the idea of pure-proof-of-stake. The project positions itself as a more efficient alternative to Ethereum.
Later this year, Algorand is expected to go through a series of updates designed to improve its scalability and privacy.
You can check the price movements here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, KoinFinans and the author of this content cannot be held responsible for personal investment decisions.