FIFA, the global governing body of soccer, has termed Algorand as an official blockchain partner ahead of the World Cup, which commences in November in Qatar.
Algorand will be a “regional supporter” for North America and Europe at the World Cup as well as an official sponsor of the Women’s World Cup in Australia and New Zealand next year, according to the agreement. The agreement comes just a few weeks after cryptocurrency exchange Crypto.com announced its sponsorship of the 2022 World Cup.
In a sponsorship as well as a technical partnership agreement, Algorand will issue FIFA with the formal blockchain-supported wallet. Algorand will aid FIFA in further developing its digital assets strategy, and Algorand will have opportunities for promotions, advertising, and media exposure through FIFA.
Gianni Infantino – FIFA President, and Silvio Micali – Algorand founder declared the alliance in Los Angeles.
The alliance is a clear signal of FIFA’s commitment to constantly pursuing innovative channels for continuous revenue growth for further reinvestment back into football while providing transparency to our stakeholders and worldwide football fans – an essential element of our vision to make football truly international, Infantino announced in a statement.
ALGO tokens surge
As per CoinGecko’s data, Algorand’s native ALGO tokens have surged by more than 20% in the last 24 hours, with the majority of the increase materializing after the FIFA announcement.
Prices jumped to $0.73 from $0.59 on Monday, breaking through resistance at the $0.60 level. Price charts reveal resistance at the current level, which corresponds with the exhaustion of the ongoing trend following Monday night’s run.
Futures activity revealed a nominal $1.3 million in liquidations in the previous 24 hours, demonstrating that the rally was primarily driven by spot ALGO. A whole of $867,000 in shorts, or bets contrary to an upward price movement, were liquidated.