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Algorand Explodes 25% After Becoming the Official Blockchain Platform of FIFA

Algorand becomes the official blockchain sponsor of the FIFA World Cup Qatar 2022.

One of the largest sports organizations has signed its second crypto-related partnership with Algorand.

Algorand at FIFA World Cup Qatar 2022

According to the official announcement, Algorand will be “FIFA’s blockchain platform” and provide a “blockchain powered wallet solution” at this year’s event in Qatar. The company will also sponsor the Women’s World Cup next year.

Algorand announced that it will assist FIFA in developing its digital asset strategy. Speaking about the development, FIFA President Gianni Infantino said:

“We are delighted to announce this partnership with Algorand. The collaboration is a clear indication of FIFA’s commitment to continually seek innovative channels for sustainable revenue growth to further reinvest in football and provides transparency to our stakeholders and football fans worldwide – an essential element of our vision to make football truly global.”

A similar deal is said to have been signed with FIFA to become the exclusive crypto trading platform sponsor of the CryptoCom World Cup.

ALGO Soars by 25%

Following the partnership with Algorand, ALGO traded below $0.60 yesterday after recent market-wide corrections. Hours later, it rose 25% to US$0.72.

Yinde, ALGO has been in a downtrend since April. It was 1 US dollar in March, but it could not stop at that level.

Just a few days ago, ALGO was below $0.55 and rose to $0.72 with the latest deal.

RELATED : SEC Doubles Crypto Unit Size to Strengthen Investor Protection

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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