Algorand Prize increases by 15 % after deal with the FIFA

Algorand Prize increases by 15 % after deal with the FIFA

The price of Algorand's local currency ALGO rose after the Blockchain announced that it would be a sponsor of FIFA and that the organization would help develop its strategy for digital assets.

The ALGO price was $ 0.68 at 10:30 a.m., which corresponds to an increase of about 15 % compared to 24 hours ago, according to the data compiled by Blockworks. The price, which was still more than $ 2 in November, fell by 50 % compared to the previous year and 24 % in the month.

The current market capitalization of ALGO is around 4.6 billion US dollars and is the 31th largest coinvors Stellars XLM.

Algorand becomes the official blockchain platform of the FIFA and offers an official blockchain-supported wallet solution, the company said on Monday. It will be regional supporters of the FIFA World Cup Qatar 2022 in North America and Europe and the official sponsor of the FIFA Women's World Cup Australia and New Zealand 2023.

FIFA will offer Algorand advertising, media presence and advertising options, while the blockchain will support FIFA in finding ways to dive deeper into digital assets.

A spokesman did not immediately comment on other details of the deal.

The agreement comes about after the CEO of the Algorand Foundation, Staci Warten, blocked works in February reported that the blockchain tried to strengthen its marketing efforts by quadruiting the size of their community team and expanding its development opera relation unit.

"This partnership with FIFA, the most recognized and respected organization in sports worldwide, will show the potential of the Algorand Blockchain, the way we all experience the game of the world," said Silvio Micali, founder of Algorand, in a explanation.

The FIFA, which is based in Switzerland, for Fédération Internationale de Football Association, was founded in 1904 and is the international umbrella organization of the association football. The organization achieved a maximum of around 4.6 billion US dollars in 2018. according to Statista partly because of its television transfer rights.

"The collaboration is a clear sign of the commitment of FIFA to continuously look for innovative channels for sustainable sales growth in order to enable further reinvestations back to football and to ensure transparency for our interest groups and football fans worldwide - a key element of our vision to really make football really global." This was shared by FIFA President Gianni Infantino in a statement.

Algorand will not be the only crypto company with a brand presence at the World Cup this year. Crypto.com announced in March that it will be the exclusive sponsor of the cryptocurrency trading platform for the football event that is to take place in November and December.

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The contribution Algorand Price Up 15% after deal with fifa is not a financial advice.