Why Is the Algorand (ALGO) Crypto Up 12% Today?

The Algorand (ALGO-USD) crypto is jumping 13% after its creator, a blockchain company with the same name, became a sponsor of this year’s World Cup soccer tournament. Run by FIFA, the 2022 World Cup will kick off in November. This year’s tournament will take place in Qatar.

A logo for Algorand (ALGO) on a patterned background
Source: Shutterstock

The tournament, which has always been extremely popular in Europe and many other parts of the world, has been gaining much more recognition in the U.S. in recent decades.

Why Is the ALGO Crypto Up Today?

So what else do you need to know about the deal lifting Algorand today? Under the agreement, Algorand will be a regional supporter of the 2022 men’s tournament for North American and European matches. In 2023, it will be an official sponsor of the women’s tournament. Additionally, Algorand will implement FIFA’s “first official blockchain platform.” And as a result of the deal, the firm became the first, new U.S.-based sponsor of the World Cup in over a decade.

While Algorand gets a big boost from the sponsorship, FIFA will also benefit. Algorand will assist FIFA in creating “a digital asset strategy” and could also help the global soccer organization launch an NFT business.

In March, Crypto.com, a “crypto trading platform” announced that it would be a sponsor of the 2022 World Cup.

Known as an altcoin, the ALGO crypto ranks No. 29 among digital currencies by market capitalization.

On the date of publication, Larry Ramer did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Article printed from InvestorPlace Media, https://investorplace.com/2022/05/why-is-the-algorand-algo-crypto-up-12-today/.

©2024 InvestorPlace Media, LLC