The native cryptocurrency of the US-based proof-of-stake blockchain Algorand (ALGO) has spiked following the announcement of a sponsorship and technical partnership deal with global football governing body FIFA.
According to CoinGecko, in the 24 hours since the announcement the price of ALGO increased from US$0.58 to $0.73, a gain of 25 percent. At the time of writing, ALGO was trading at $0.64, around 10 percent above its pre-announcement price – it’s currently the 31st largest crypto by market capitalisation.
Algorand is Now FIFA’s Official Blockchain Platform
As the official blockchain platform of FIFA, Algorand will provide the body with a “blockchain-supported” wallet, help FIFA implement blockchain technology, and develop its digital assets, including NFTs.
Romy Gai, FIFA’s chief business officer, cited transparency and sustainability as important factors in its decision to partner with Algorand:
At FIFA, we must constantly strive to identify and explore the most cutting-edge, sustainable and transparent means of increasing revenues to continue to support global football development. Algorand is clearly a forward-looking, innovative partner that can help us achieve these goals.
Romy Gai, chief business officer, FIFA
Deal Provides Valuable Exposure
As part of the sponsorship agreement, Algorand becomes a FIFA World Cup 2022 Regional Supporter in North America and Europe and a FIFA Women’s World Cup Australia and New Zealand 2023 Official Sponsor, providing the blockchain network with valuable exposure and promotional opportunities.
Algorand was founded in 2017 by the Turing Award-winning scientist Silvio Micali, who this week said he was excited about the opportunity this new partnership represents to showcase the capabilities of the blockchain network:
“This partnership with FIFA, the most globally recognised and distinguished organisation in sports, will showcase the potential that the Algorand blockchain has to transform the way we all experience the world’s game.”
Silvio Micali, Founder of Algorand
Algorand is regarded as one of the most efficient and environmentally sustainable blockchains and has been used by over 2000 organisations worldwide, including Blockchain Solutions Australia, who partnered with Algorand in late 2020.
Algorand isn’t the first crypto-related organisation to become a FIFA 2022 World Cup sponsor – in March, leading exchange Crypto.com became an official sponsor for the event.