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Algorand explodes by 25% after becoming FIFA’s official blockchain platform

                                                            Eine der größten Sportorganisationen hat ihre zweite kryptobezogene Partnerschaft unterzeichnet – diesmal mit Algorand.  Infolgedessen stieg der native Token des letzteren zweistellig und markierte ein mehrwöchiges Hoch.

Algorand at the FIFA World Cup Qatar 2022

According to the official announcement, Algorand willBlockchainplatform of FIFA” and at the upcoming sporting event to be held in Qatar later this year, a “Blockchain-enabled Walletoffer a solution. The company will be a regional sponsor of the World Cup in North America and Europe next year and an official sponsor of the Women’s World Cup in Australia and New Zealand.

BREAKING: @FIFAcom announced that #Algorand will become FIFA’s official blockchain, empowering the global football community with cutting-edge, sustainable technology. Read more 👉 @FIFAWorldCup #FIFAWorldCup

— Algorand (@Algorand) May 2, 2022

The statement further revealed that Algorand will help FIFA in “developing their digital asset strategy.” At the same time, the sports organization will provide “sponsorship assets including advertising, media exposure and promotional opportunities”.

Regarding the development, FIFA President Gianni Infantino said:

“We are pleased to announce this partnership with Algorand. The collaboration is a clear sign of FIFA’s commitment to continually seek innovative channels for sustainable revenue growth, to reinvest in football and to ensure transparency for our stakeholders and football fans worldwide – a key element of our vision of making football truly global do.”

CryptoPotato reported in late March that CryptoCom has signed a similar deal with FIFA to become the exclusive crypto trading platform sponsor of the upcoming World Cup.

ALGO up 25%

Given the importance of the FIFA World Cup, the partnership led with Algorand to a significant advantage for the native cryptocurrency of the blockchain project. ALGO traded below $0.60 yesterday following recent market-wide corrections, but is up almost 25% in hours to a multi-week high of $0.72.

However, a broader chart shows that ALGO has been in a downtrend since early April. The asset touched $1 on March 31 but did not stay there, moving south in line with most of the market.

This led to a correction of almost 50% when ALGO bottomed below $0.55 a few days ago.
Algorand explodes by 25% after becoming FIFA’s official blockchain platform, Crypto Trading NewsALGO/USD. TradingView

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Source: Crypto News Deutsch

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