The announcement of FIFA’s partnership with Algorand to become its official blockchain has sent the price of ALGO soaring by more than 20%.
FIFA, one of the largest sports organizations in the world, has officially announced its partnership with Algorand, which will be responsible for offering blockchain solutions and products, as well as wallets and other types of products.
As part of the association, Algorand to be official sponsor of the 2022 Qatar World Cup in North America and Europe, as well as official sponsor of the FIFA Women's World Cup Australia and New Zealand 2023.
As part of the agreement, Algorand will also assist FIFA in developing its digital asset strategy, while FIFA will provide sponsorship assets including advertising, media exposure and promotional opportunities.
It may interest you: What is Algorand (ALGO)?
Commenting on the announcement, FIFA President Gianni Infantino said: “We are delighted to announce this partnership with Algorand. This collaboration is a clear indication of FIFA’s commitment to continually seek innovative channels for sustainable revenue growth to reinvest back into football, ensuring transparency for our stakeholders and football fans around the world – a key element of our vision to make football truly global. I look forward to a long and fruitful collaboration with Algorand.”
ALGO shoots up 25%
Given the importance of football events such as the FIFA World Cup, the partnership with Algorand saw a significant price increase for the green blockchain’s native cryptocurrency.
In this sense, ALGO traded yesterday below $0,560, after the recent market corrections, but It shot up almost 25% in a few hours to a multi-week high above $0,72. At the time of writing, ALGO price has corrected to $0,71.
However, if we look at the chart more broadly, it is clear that ALGO has been in a downward trend since the beginning of April. The asset touched the $1 price point, but failed to hold there and has continued to fall since then, in the same way as most cryptocurrencies on the market.
In fact, ALGO has been in a constant correction of almost 50%, reaching a bottom of $0,55 just a few days ago.
