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HomeMarketsMarket AnalysisALGO Soars 23% After FIFA Announced Partnership Deal With Algorand Foundation

ALGO Soars 23% After FIFA Announced Partnership Deal With Algorand Foundation

Lele Jima

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World football organization FIFA has announced that it has teamed up with popular blockchain project Algorand in a technical and sponsorship deal. 

Following the agreement, Algorand will become the official blockchain of FIFA and the official wallet blockchain wallet solution.

Details of the Partnership

Under the partnership, Algorand will become a FIFA 2022 World Cup regional supporter in Europe and North America, as well as the Women’s FIFA World Cup 2023 supporter in Australia and New Zealand.

According to the announcement, Algorand will provide technical assistance to enable the world football governing body to develop its digital asset strategy, while FIFA will reciprocate this gesture by providing mouth watering opportunities like widespread promotion and adverts for sponsorship assets.

Romy Gai, FIFA Chief Business Officer, noted that the partnership marks an exciting moment in the organization’s history, as the collaboration creates the perfect opportunity for the world football governing body to delve into the world of cryptocurrencies and to explore the opportunities associated with the asset class.

“At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable and transparent means of increasing revenues to continue to support global football development. Algorand is clearly a forward looking, innovative partner that can help us achieve these goals,”  Gai added.

Commenting on the development, Silvio Micali, founder of Algorand, noted that the team behind the popular blockchain has been focused on developing technologies that promote transparency, inclusivity, and opportunities for all, adding:

“This partnership with FIFA, the most globally recognized and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”

ALGO Up Over 20%

Meanwhile, the development had a major impact on the price of the Algorand native cryptocurrency dubbed ALGO.

The coin, which traded at a low of $0.58 yesterday, is currently trading around $0.73 at press time, representing a 23% surge in the last 24 hours.

Algorand Dominance Since Inception

Launched in 2019, Algorand has earned quite a reputation in the blockchain space within this short period, thus prompting notable projects to enter into strategic partnerships with it.

Algorand has over the years become a favorite blockchain for more than 200 global organizations, which have continued to tap the network’s technical prowess for different initiatives.

As reported, the Canadian SailGP team announced that it has partnered with the Algorand Foundation to foster a brighter future through sports activities.

In March, the Algorand Foundation reported stunning feats in terms of adoption and increased activity on the blockchain following zero downtime recorded by the network over the last three years.

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