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Algorand (ALGO) Soars 19% on FIFA Affiliation

Blockchain project Algorand has signed a collaboration with FIFA, becoming the official blockchain sponsor of the 2022 FIFA world cup that is scheduled to kick off on Nov. 21.

The financial terms of the high-profile deal haven’t been made known. FIFA will also fabricate its cryptocurrency strategy with the help of Algorand. The highest governing team of association football decides to issue its collection of non-fungible tokens.

The price of the ALGO token has spiked more than 20% over the space of 24 hours, as stated by the CoinMarketCap data.

Although, the top 10 biggest cryptocurrencies are in red, with LUNA being the only major altcoin that has managed to buck the trend.

In February, Tezos, another significant proof-of-Stake blockchain, scored a collaboration with professional English soccer club Manchester United.

Read Also: Interest in Polkadot Remains High Despite DOT’s Low Performance

In March, Algorand also inked a three-year kit sponsorship with Gotham FC, a professional women’s soccer team based in New Jersey. Recently, former JP Morgan executive Staci Warden was selected as Algorand’s chief executive officer.

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