ALGO jumps 21% after Algorand announces partnership with FIFA

As we head up to FIFA World Cup 2022 in Qatar, FIFA, the world’s football governing body, has been working on establishing strong partnerships with major partners in the blockchain world. To that effect, FIFA has inked a technical sponsorship partnership deal with Algorand, a blockchain platform.

According to the deal, Algorand will offer an official blockchain-supported wallet solution where Algorand will be FIFA World Cup Qatar 2022™ Regional supporter in North America and Europe.

During 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.”

Algorand to assist FIFA develop Digital Assets Strategy

Blockchain technology has continued to gain traction due to its ability to host multiple digital assets. Algorand will help FIFA to develop its digital assets strategy while FIFA will be providing sponsorship assets like promotion opportunities, advertisements, and media exposure.

Currently, Algorand blockchain hosts more than 2000 decentralized finance (DeFi) applications and global organizations. Besides, Algorand helps different organizations in global industries like gaming, art, music, sports, and finance as it continues to work on adopting Web 3 digital capabilities for inclusiveness, growth, and transparency.

Algorand founder, Silvio Micali said:

“This partnership with FIFA, the most globally recognized and distinguished organization in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”

At the time of writing, ALGO (Algorand native token) was trading at $0.7279, up 21.18% in the last 24 hours following the announcement.