ALGO price surges after Algorand-FIFA partnership

ALGO, the native token of the blockchain platform Algorand surged more than 20% in trading overnight Monday, reaching highs of $0.73.

The upside followed a major news development for the blockchain platform in the shape of a “sponsorship and technical partnership deal” with FIFA.

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Announced on Monday, the partnership sees Algorand become the official blockchain platform of the world football’s governing body. The deal comes ahead of the 2022 FIFA World Cup set for Qatar in November.

Silvio Micali, the founder of Algorand said in a comment:

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,”

FIFA President Gianni Infantino, who announced the partnership alongside the Algorand founder, added:

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.”

FIFA’s official blockchain wallet provider

As part of the agreement, Algorand is now the official provider of FIFA’s blockchain-supported wallet and will also be the Regional Supporter for North America and Europe during the upcoming world football extravaganza.

The agreement also has Algorand as the official sponsor of the FIFA Women’s World Cup to be held in Australia and New Zealand in 2023.

FIFA will also use the collaboration to advance its digital assets strategy, with Algorand set to benefit from media exposure, advertising, and promotions.

ALGO currently trades around $0.68, about 16% up in the past 24 hours after paring some of the gains amid broader market weakness.