The Price Of Algorand Has Increased By 15% After A Deal With FIFA

The price of Algorand’s native currency, ALGO, soared when the blockchain announced that it would become a FIFA sponsor and assist the organization in developing its digital assets strategy.

The price of ALGO was $0.68 at 10:30 a.m. ET, up roughly 15% from 24 hours ago. The price, which was more over $2 just a few months ago, is down 50% from a year ago and down 24% month over month.

ALGO currently has a market valuation of $4.6 billion, making it the 31st most valuable coin, ahead of Stellar’s XLM.

According to a statement released on Monday, Algorand will become FIFA’s official blockchain platform and will offer an approved blockchain-supported wallet solution. It will be a regional supporter of the FIFA World Cup Qatar 2022 throughout North America and Europe, as well as an official sponsor of the FIFA Women’s World Cup Australia and New Zealand 2023.

FIFA will provide Algorand with advertising, media exposure, and promotional opportunities, while the blockchain will aid FIFA in discovering new approaches to explore digital assets.

Other details of the arrangement were not immediately available from a spokesperson.

The arrangement comes after Algorand Foundation CEO Staci Warden said that the blockchain was planning to quadruple the size of its community engagement team and increase its developer relations unit as part of its marketing efforts.

 Algorand Founder Silvio Micali said in a statement:

“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,”

Switzerland-based FIFA, or Fédération Internationale de Football Association, is the international ruling body of association football. It was created in 1904. According to Statista, the organization’s earnings peaked at around $4.6 billion in 2018, thanks in part to its television broadcasting rights.

FIFA President Gianni Infantino said in a statement:

“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 world-wide football fans — a key element of our vision to make football truly global,”

At the World Cup later this year, Algorand will not be the only cryptocurrency company with a presence. In March, Crypto.com announced that it would be the soccer game’s exclusive cryptocurrency trading platform sponsor. The tournament will take place in November and December.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Patrick

CoinCu News