FIFA (the Fédération Internationale de Football Association), the football governing body, has entered into a partnership with Algorand to act as the official blockchain partner prior to the commencement of the 2022 World Cup, which starts in November in Qatar.
In the agreement, Agorand has agreed to act as the regional supporter for Europe and North America at the World Cup. In addition, it will serve as the official sponsor of the 2023 Women’s World Cup that will take place in New Zealand. This agreement comes hot on the heels of another deal, where Crypto.com, a crypto exchange, also agreed to become a sponsor of the 2022 World Cup.
FIFA Committed to Seeking Innovative Ways of Sustainable Revenue
Algorand will act as the primary blockchain-supported wallet for the football governing body. The agreement is considered a technical and sponsorship deal. FIFA will be assisted by Algorand to develop a robust digital assets strategy, while the latter will get the opportunity to advertise, promote and showcase its services & products.
The deal was unveiled in Los Angeles by FIFA President Gainni Infantino and Silvio Micali, who is the Algorand founder. “The collaboration is a clear indication of the FIFA’s commitment to continuously seek innovative channels for sustainable revenue growth for further reinvestment back into football ensuring transparency to our stakeholders ….,” said Infantino.
ALGO Price Soars on the Release of the News
After the FIFA announcement, Algorand‘s price rose by over 20%. On Monday, the price shot up to as high as USD 0.73 from the USD 0.59, which was reached on Monday, blasting through the USD 0.60 resistance level.
The futures activity indicated a minimal USD 1.3 in liquidations, suggesting that the rally was driven by spot ALGO. About USD 867,000 bets against a price movement upwards, were liquidated.