The native token of Algorand (ALGO) is up by double-digit percentage points after the global soccer body FIFA announced it was partnering with the company responsible for ALGO.
Over the past 24 hours, the price of Algorand has gone up by about 20% after FIFA President Gianni Infantino and Algorand founder Silvio Micali inked a sponsorship agreement in Los Angeles, California.
“The agreement means Algorand will become the official blockchain platform of FIFA and provide the official blockchain-supported wallet solution. As per the sponsorship agreement, Algorand will be a FIFA World Cup Qatar 2022™ Regional Supporter in North America and Europe, and a FIFA Women’s World Cup Australia and New Zealand 2023™ Official Sponsor.
As part of the agreement, Algorand will also assist FIFA in further developing its digital assets strategy, while FIFA will provide sponsorship assets including advertising, media exposure and promotional opportunities.”
Algorand is trading for $0.7045 at time of writing.
The sponsorship agreement is coming at a time when FIFA is on course to hit record revenues for a four-year cycle ahead of the upcoming Qatar World Cup in November.
FIFA reported earlier this year that it would exceed the revenue target of $6.4 billion for the 2019-2022 cycle after having already collected $6.1 billion by 2021.
The giant sports body generated $766.5 million in revenues in 2021, a year-over-year jump of more than 180% following a significant revenue drop in 2020 that was largely attributed to the cancellation of sports events as a result of the Covid-19 pandemic.
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Featured Image: Shutterstock/Alberto Andrei Rosu