Algorand has secured a sponsorship deal with FIFA for the men’s and women’s world cup. The price of the blockchain’s native ALGO asset subsequently spiked by 20%.
The Algorand coin has soared by over 20% in the wake of a sponsorship deal for the FIFA World Cup and is now priced at $0.72, up from about $0.58 on May 2.
FIFA published a media release saying that it has partnered with Algorand, stating that it would be the organization’s official blockchain platform.
FIFA President Gianni Infantino and Algorand founder Silvio Micali met in Los Angeles to finalize the partnership, which will be valid for the FIFA World Cup Qatar 2022, and the FIFA Women’s World Cup Australia and New Zealand 2023.
The partnership will see Algorand assist FIFA in “developing its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure, and promotional opportunities.” FIFA also mentions the capabilities of blockchain tech, including immutability and NFTs, though it doesn’t say whether the latter will be used. Infantino said that a partnership would be a long one, with an eye on sustainable revenue growth,
“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 world-wide 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 taking up more of the spotlight
Algorand has been on a steady rise in the past few years, with both its price and its ecosystem growing. It has seen numerous protocol developments and support for NFT bridges, among other things. The latter partnership was its first in Japan and highlighted its intention to grow globally.
The growth of the project has led to numerous investments as well. Arrington Capital issued a $100 million growth fund to support the network’s ecosystem, which covers DeFi, traditional finance, and NFTs. Valkyrie Investments have also launched an ALGO trust, the third trust it launched after BTC and DOT.
The future looks bright for Algorand, which arrived late to the party, especially given the exposure it will receive with the FIFA partnership. That, coupled with the ecosystem expansion, could result in a much greater market cap in the near future.
BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.