ALGO’s Price Increases After Algorand Acquired FIFA Partnership

Algorand and FIFA Partnership


The blockchain will act as a “local partner” for North America and Europe during this year’s World Cup and as a title sponsor of the Women’s World Cup next year.

Well before the World Cup begans in November in Qatar, FIFA, the world governing body for soccer, secured Algorand as an official blockchain collaborator.

“Regional supporter” for North America and Europe at the World Cup, Algorand will be a primary sponsor of next year’s Women’s World Cup in Australia and New Zealand. Earlier this month, cryptocurrency exchange announced that it had signed up to sponsor the 2022 World Cup.

The sponsorship and technical cooperation agreement between Algorand and FIFA call for the company to offer FIFA the official blockchain-supported wallet. Algorand will assist FIFA in “further developing its digital assets strategy,” and Algorand will have the ability to promote, advertise, and get media exposure via FIFA. “

Soccer’s world governing body FIFA has established a relationship with Algorand’s creator, Silvio Micali.

Officials at FIFA said the partnership shows their commitment to finding new ways to generate cash that can be reinvested in the game while also keeping stakeholders and football fans informed about FIFA’s plans to make the game truly global.

The value of ALGO coins has risen sharply

Data from CoinGecko reveals that Algorand’s native ALGO coins have risen by more than 20% in the last 24 hours, with most of the increase coming after the FIFA news was made.

From Monday’s $0.59, prices surged to as high as $0.73, breaking over the $0.60 level of resistance. As a result of Monday’s run-up, price charts indicate that resistance exists at this level.

According to data, with only $1.3 million in liquidations over the last 24 hours, the increase was driven mainly by spot ALGO. Some $867,000 worth of shorts, or wagers against an increase in the price, were sold.

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