Algorand secured a sponsorship deal for the men’s and women’s World Cup. The ALGO share price rose by 20% shortly thereafter.
In a press release, FIFA announced that it has partnered with blockchain project Algorand. Algorand is set to become the organization’s official blockchain platform. Algorand’s share price rose by over 20% shortly after. At the time of the article’s publication, the ALGO share price is at $0.72. On May 2, the ALGO price was still around 0.58 USD.
ALGO Price: TradingView
FIFA President Gianni Infantino and Algorand founder Silvio Micali met in Los Angeles to seal the partnership. The partnership will create new synergies during the FIFA World Cup in Qatar (2022) and the FIFA Women’s World Cup in Australia and New Zealand (2023).
Under the partnership, Algorand will help FIFA develop its digital asset strategy, while FIFA will provide sponsorship services such as advertising, media exposure and promotional opportunities. FIFA also elaborated on the opportunities offered by blockchain technology, such as immutability and NFTs, but did not mention whether the latter will be used. Infantino stated that this is a long-term partnership that will lead to growing and sustainable revenue.
“We are very pleased to announce this partnership with Algorand. The collaboration is a clear sign of FIFA’s commitment to continuously seek innovative channels for sustainable revenue growth to further invest in the sport of soccer, while ensuring transparency for our stakeholders and soccer fans around the world – a key element of our vision to make soccer truly a global business. I look forward to a long and fruitful partnership with Algorand.”
Algorand: investors and partnerships
Algorand has steadily evolved over the past few years. In the process, both the price of the token and the ecosystem have grown continuously. There have been numerous protocol developments and new NFT bridges.
As Algorand evolved, there were numerous investments from larger companies. Arrington Capital established a $100 million growth fund to support the network’s ecosystem, which includes DeFi products, traditional financing options, and NFTs. Valkyrie Investments also launched an ALGO fund, the company’s third crypto trust (after Bitcoin and Polkadot).
As the project developed, numerous investments were made. Arrington Capital raised a $100 million growth fund to support the network’s ecosystem, which includes DeFi, traditional finance, and NFTs. Valkyrie Investments also launched an ALGO trust, the third trust after BTC and DOT.
Even though Algorand was relatively late to the market compared to other cryptocurrencies, the future potential of cryptocurrency is still great. The cooperation with FIFA and the simultaneous growth of the ecosystem could lead to ALGO’s market capitalization becoming much larger.
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