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Algorand (ALGO) is up 19% as a result of the FIFA partnership

Algorand, a blockchain startup, has partnered with FIFA to become the official blockchain sponsor of the 2022 FIFA World Cup, which will begin on November 21.

The high-profile deal’s financial parameters haven’t been revealed.

With the support of Algorand, FIFA will develop its own cryptocurrency strategy. The association football’s highest governing body intends to create its own set of non-fungible tokens.

According to CoinMarketCap data, the ALGO token’s price has increased by more than 20% in the last 24 hours.

Meanwhile, the top ten most valuable cryptocurrencies are all in the red, with LUNA being the only significant altcoin to defy the trend.

Tezos, another well-known proof-of-stake blockchain, announced a collaboration with Manchester United, a professional English soccer team, in February.

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