Blockchain network Algorand has partnered with FIFA inking a sponsorship and technical partner deal as the network becomes the soccer association’s first official blockchain platform.
The ALGO coin has risen in price by more than 20% after the announcement of Algorand's sponsorship deal with the FIFA World Cup, and is now worth $0.72. Only on May 2, the price of the token was $0.58.
Algorand Becomes FIFA's Official Blockchain Platform
FIFA has published a press release stating that the company is collaborating with developer ALGO. In addition, the representatives stated that Algorand will become the official blockchain platform of the organization.
ALGO price: TradingView
FIFA president Gianni Infantino and Algorand founder Silvio Micali met in Los Angeles to forge a partnership. It will be valid during the 2022 FIFA World Cup in Qatar and the 2023 FIFA Women's World Cup in Australia and New Zealand.
As part of the partnership, Algorand will assist FIFA in "developing a digital asset strategy, while FIFA will provide sponsorship assets, including advertising and media coverage."
The International Football Federation also mentions the various possibilities of blockchain technology, including immutability and NFT. However, whether the latter will be used is not specified. According to Infantino, they look forward to a long-term partnership with a focus on sustainable revenue growth.
"We are pleased to announce our partnership with Algorand. This collaboration is a clear indication of FIFA's commitment to constantly finding innovative channels for sustainable revenue growth to further reinvest back into football, providing transparency to our stakeholders and football fans around the world. A key element of our mission is to make football truly global. I look forward to a long and fruitful collaboration with Algorand,” he says.
The growth of the project has attracted numerous investments. Arrington Capital has committed $100 million to support the network's ecosystem that spans DeFi, traditional finance, and NFTs. Valkyrie Investments also launched the ALGO trust, the third trust after the previously created BTC and DOT.
Thanks to the partnership with FIFA, the future of blockchain is bright, despite the rather late appearance of the platform. The increase in popularity of Algorand, combined with the expansion of the ecosystem, could lead to a much larger market cap for the ALGO token.
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