One of the largest sports organizations has signed a crypto-related partnership with Algorand- Algo
FIFA has teamed up with blockchain technology company Algorand to agree on a sponsorship and technical partnership deal. The agreement means Algorand will become the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution. As per the sponsorship agreement, Algorand will be a FIFA World Cup Qatar 202TM Regional Supporter in North America and Europe, and a FIFA Women’s World Cup Australia and New Zealand 202TM Official Sponsor. Will this help the Algo token to surge up?
Blockchains allow non-editable data to be permanently recorded and distributed on digital networks, while also facilitating innovations and ensuring safe, untampered exchange of value and assets such as non-fungible tokens (NFTs), and through blockchain-enabled wallets holding digital assets.
As part of the agreement, Algorand will also assist FIFA in further developing its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure, and promotional opportunities.
On the occasion of the announcement, FIFA President Gianni Infantino said: “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 worldwide football fans – a key element of our Vision to make football truly global. I look forward to a long and fruitful partnership with Algorand.”- according to the FIFA media release.
What’s the Impact on Algo?
Algorand’s deal with FIFA is quite a big deal especially in terms of the potential value that it can unlock for the network. FIFA happens to be one of the most organized and successful sports organizations and with that comes a lot of opportunities to enhance Algorand’s utility.
It may also provide more visibility and encourage other high-profile deals. Such developments would have a positive impact on ALGO and potentially strengthen its recovery from previous ATHs in favorable market conditions.
The crypto market concluded last week with a strong bearish performance but ALGO managed to go against the market and remain in the green. Algorand’s native ALGO tokens surged more than 20% in the past 24 hours, CoinGecko data shows, with the bulk of the move occurring after the FIFA announcement. Prices rose to as high as US$0.73 from Monday’s US$0.59, breaking resistance at the US$0.60 level. Resistance at the current level exists, price charts show, which coincides with the exhaustion in the current trend after Monday night’s run.