ALGO explodes 25% after signing a deal with FIFA to become the official blockchain sponsor of the World Cup In Qatar 2022 so let’s read more in today’s latest altcoin news.
One of the biggest sports organizations signed the second crypto-related partnership with Algorand and as a result, the latter’s native token surged by double-digit and marked a new weekly high. According to the official announcement, Algorand will now be the official blockchain partner of FIFA and therefore ALGO explodes by 25%. The platform will provide a blockchain-supported wallet solution which will take place later this year in Qatar and the company will also be a regional Supporter of the World Cup in North America and Europe but also the Official Sponsor of the Women’s World Cup in Australia and New Zealand.
BREAKING: @FIFAcom has announced #Algorand will become the official blockchain of FIFA, empowering the global football community with cutting-edge, sustainable technology. Read more 👉 https://t.co/LTTUqGNLNA @FIFAWorldCup #FIFAWorldCup pic.twitter.com/LuEFTY3WK6
— Algorand (@Algorand) May 2, 2022
The statement revealed that Algorad will help FIFA in developing a digital assets strategy and the sports organizations will provide sponsorship assets including advertising, promotional opportunities, and media exposure. The FIFA President Gianni Infantino commented:
“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 worldwide football fans – a key element of our vision to make football truly global.”
Crypto.com signed a similar deal with FIFA to become the exclusive crypto trading platform sponsor of the World Cup. Given the importance of the FIFA World Cup events, the partnership with Algorand led to a huge leg up for the blockchain project’s native crypto, and the coin traded below $0.60 after a market-wide correction but then surged by 25% in hours to a multi-week high of $0.72. looking at the charts, it is evident that ALGO has been on a downtrend since the start of April when the asset touched $1 but then failed to remain there and headed south along with the rest of the market. This resulted in a 50% correction while ALGO bottomed below $0.55.
The proof of stake blockchain protocol Algorand will convert network transaction fees into carbon offsets and revealed that its new smart contract will take a chunk of each transaction fee on the blockchain network and will process it to buy verified carbon credits at ClimateTrade which is a blockchain-based carbon offset marketplace.
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