ALGO tokens have jumped 25% to about $0.72 after an announcement that Algorand has become the blockchain platform for FIFA.
The partnership will see the network provide a blockchain wallet solution at Qatar’s upcoming FIFA World Cup tournament.
The company will also be a regional supporter of the World Cup in North America and Europe and sponsor the 2023 Women’s World Cup in Australia and New Zealand.
The announcement notes that Algorand will enable FIFA to develop digital assets strategy while the sports organization will provide sponsorship assets and promotional opportunities.
FIFA President Gianni Infantino welcomes the opportunity to demonstrate FIFA’s commitment to pursuing innovation and enhancing transparency in the sport.
Cryptocurrency exchange Crypto.com entered into a similar deal with FIFA as a cryptocurrency trading platform sponsor of the 2022 soccer event.