One of the largest sports organizations has signed its second crypto-related partnership – this time, with Algorand. As a result, the latter’s native token soared by double-digits and marked a multi-week high.
Algorand at FIFA World Cup Qatar 2022
According to the official announcement, Algorand will become the “blockchain platform of FIFA” and provide a “blockchain-supported wallet solution” at the upcoming sports event, which will take place later this year in Qatar. The company will be a Regional Supporter of the World Cup in North America and Europe and also the 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
The statement further revealed that Algorand will help FIFA in “developing its digital assets strategy.” At the same time, the sports organization will provide “sponsorship assets including advertising, media exposure, and promotional opportunities.”
Speaking on the development, FIFA President Gianni Infantino commented:
“We are delighted to announce this partnership with Algorand. The collaboration is a clear indication of FIFA’s commitment to continually seeking innovative channels for sustainable revenue growth for further reinvestment back into football, ensuring transparency to our stakeholders and worldwide football fans – a key element of our vision to make football truly global.”
CryptoPotato reported in late March that CryptoCom signed a similar deal with FIFA to become the exclusive crypto trading platform sponsor of the upcoming World Cup.
ALGO Soars by 25%
Given the significance of the FIFA World Cup events, the partnership with Algorand led to a substantial leg up for the blockchain project’s native cryptocurrency. ALGO traded below $0.60 yesterday, following the recent market-wide corrections, but skyrocketed by almost 25% in hours to a multi-week high of $0.72.
Looking at a broader chart, though, it’s evident that ALGO has been on a downtrend since the beginning of April. The asset touched $1 on March 31 but failed to remain there and headed south, in line with most of the market.
This resulted in a near 50% correction as ALGO bottomed below $0.55 a few days ago.