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Algorand price jumps 15% after deal with FIFA – Crypto News Australia

  • Algorand (ALGO) price, down 50% year-on-year, gets a boost after sponsorship news
  • The partnership reflects FIFA’s commitment to “seek innovative channels for sustainable revenue growth,” says the FIFA President

The price of Algorand’s native currency, ALGO, soared after the blockchain announced it would be a sponsor of FIFA and help the organization develop its digital asset strategy.

ALGO’s price was $0.68 as of 10:30 a.m. ET, up about 15% from 24 hours ago, according to data compiled by Blockworks. The price, which was still more than $2 in November, is down 50% year-on-year and 24% mom.

ALGO’s current market cap is around $4.6 billion, making it the 31st largest coin ahead of Stellar’s XLM.

Algorand will become FIFA’s official blockchain platform and will offer an official blockchain-backed wallet solution, the company announced on Monday. It will be a regional supporter of the FIFA World Cup Qatar 2022 in North America and Europe and an official sponsor of the FIFA Women’s World Cup Australia and New Zealand 2023.

FIFA will provide advertising, media exposure and promotional opportunities to Algorand, while the blockchain will help FIFA find ways to delve deeper into digital assets.

A spokesman did not immediately comment on other details of the deal.

The agreement comes after Algorand Foundation CEO Staci Warden told Blockworks in February that the blockchain is looking to ramp up its marketing efforts by quadrupling the size of its community engagement team and expanding its developer relations unit .

“This partnership with FIFA, the world’s most recognized and respected organization in esports, will demonstrate the potential of the Algorand blockchain to transform the way we all experience the game in the world,” said Silvio Micali, Founder of Algorand, in a statement.

Switzerland-based FIFA, short for Fédération Internationale de Football Association, was founded in 1904 and is the international governing body of association football. The organization peaked at around $4.6 billion in revenue in 2018. according to statspartly due to its television broadcasting rights.

“The collaboration is a clear sign of FIFA’s commitment to continually seek innovative channels for sustainable revenue growth, to enable further reinvestment back into football and to ensure transparency for our stakeholders and football fans worldwide – a key element of our vision of football to make it truly global.” Fifa President Gianni Infantino said in a statement.

Algorand won’t be the only crypto company with a branded presence at the World Cup later this year. announced in March that it will be the cryptocurrency trading platform’s exclusive sponsor for the football event, which is scheduled to take place in November and December.

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The post Algorand Price Up 15% After Deal With FIFA is not financial advice.

Source: Crypto News Austria

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