The native token of Algorand (ALGO) is up double-digit percentage points after global football governing body FIFA announced it is partnering with the company responsible for ALGO.
In the last 24 hours, Algorand’s price has increased by around 20% after FIFA President Gianni Infantino and Algorand founder Silvio Micali signed a sponsorship agreement in Los Angeles, California.
“The agreement means that Algorand is the official Blockchain-Platform of FIFA will and the official blockchain-backed Walletsolution provides. Under the sponsorship agreement, Algorand will be a regional supporter of the FIFA World Cup Qatar 2022™ in North America and Europe, as well as an official sponsor of the FIFA Women’s World Cup Australia and New Zealand 2023™.
As part of the agreement, Algorand will also support FIFA in advancing its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure and promotional opportunities.”
Algorand is trading at $0.7045 at the time of writing.
The sponsorship deal comes at a time when FIFA is aiming to generate record-breaking revenue for a four-year cycle ahead of the upcoming World Cup in Qatar in November.
FIFA reported earlier this year that it will surpass the $6.4 billion revenue target for the 2019-2022 cycle, having already raised $6.1 billion through 2021.
The giant esports federation posted $766.5 million in revenue in 2021, a more than 180% year-over-year increase after a significant revenue decline in 2020, largely due to the cancellation of sporting events as a result of the Covid-19 pandemic was .
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Source: Crypto News Deutsch