FIFA and Algorand have entered into a sponsorship and technical collaboration, making Algorand the world football governing body’s official blockchain platform.
An official sponsor of the FIFA World Cup Qatar 2022 and the FIFA Women’s World Cup in Australia and New Zealand in 2023, Algorand will provide its blockchain-based wallet solution.
Extensive Exposure Globally
While FIFA will give sponsored assets such as advertising, media exposure, and promotional possibilities due to Algorand’s assistance in building FIFA’s digital assets strategy.
Gianni Infantino, the FIFA president, stated:
“We are delighted to announce this partnership with Algorand. 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.”
Technology that fosters ‘promotes inclusivity, opportunity and transparency,’ is something the company has focused on, according to Algorand founder Silvio Micali. According to CMC statistics, Algorand’s native ALGO coins had a 20 percent price increase last week following the FIFA announcement.
As of Monday, prices have risen to $0.73, breaking above the barrier at the $0.60 level. However, according to price charts, resistance exists at the present level, in line with the trend’s weariness after Monday night’s surge.
The notional $1.3 million in liquidations in the futures market imply that spot ALGO was the primary driver of the rise. Shorts, or wagers against a price increase, totaled $867,000 when they were closed out. According to CMC, the Algorand price today is $0.733541 USD with a 24-hour trading volume of $697,820,679 USD. Algorand is down 3.31% in the last 24 hours.