The International Football Federation says FIFA announces the establishment of a strategic partnership with Algorand (ALGO), in which cryptocurrency becomes the official blockchain of the organization but also sponsor of the World Cup in Qatar.
Crypto and blockchain continue to shine in the sports world. FIFA’s collaboration with Algorand is, in all likelihood, a patent example. To leave their mark on the world of athletes, cryptocurrencies sponsor sports competitions, teams and even professionals in the trade.
By becoming a regional sponsor of the 2022 World Cup, Algorand (ALGO) offers itself a great publicity card in the most followed sporting competition in the world. Long before the Ethereum Killer, the exchange, Crypto.com also partnered with the highest football authority for the international championship to be held in Qatar.
Algorand at the 2022 Worlds
FIFA announced on the morning of Tuesday May 3 that it has just established a partnership with the Algorand blockchain. As part of this agreement, FIFA will make cryptocurrency developed by Silvio Micali in 2019, “ its official blockchain Indeed, Algorand will help the organization develop its strategy for digital assets through its portfolio solution.
In return, Algorand will become official sponsor of the men’s world cup in Qatar as well as the women’s world cup, which will be held in Australia and New Zealand in 2023. As a result, the PoS (proof of stake) protocol will benefit benefits of publicity, media exposure and promotion as disclosed by FIFA on its website.
Regarding the collaboration, the president of the football organization said:
“We are delighted to partner with Algorand. This collaboration demonstrates FIFA’s desire to seek innovative solutions to create new sources of sustainable revenue, which will be reinvested in football. This is one of the conditions of transparency towards football players and supporters around the world.
For his part, Silvio Micali thinks that this will be an opportunity for Algorand to prove himself. He announced :
“Partnering with FIFA, the world’s best known and most respected sports organization, will be an opportunity for us to showcase Algorand’s ability to transform the way we think about football. »
ALGO price taken by more than 25%
The news will have had a positive effect on the price of ALGO. Within hours of the announcement, the value of the Algorand token saw a 25% surge from $0.59 to $0.745. Nevertheless, the cryptocurrency will eventually correct itself after this rally. At the time of writing, the Algorand is trading for $0.68, around an 8% drop from its monthly peak.
Experts aren’t too optimistic about the future of ALGO’s price, however. The cryptocurrency had already lost almost 50% of its value in April. Thereby, some experts think that if it fails to overcome the resistance line at $0.74, then it will be difficult for the crypto to hope for a return of the uptrend. Especially since the crypto market could weaken after the exit of the American Federal Reserve (FED).
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Algorand (ALGO) price explodes after formalizing its partnership with FIFA – BeinCrypto
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