Algorand New FIFA 2022 World Cup Sponsor In Qatar, 15% Increase – BTC Direct

The Algorand network has signed an agreement to become the official blockchain partner of the 2022 FIFA World Cup in Qatar. In addition, it will also become the partner for the 2023 Women’s World Cup in Australia and New Zealand.

15% increase

This news is immediately reflected in the price of Algo, the corresponding currency of the network. Below is the price for the last 24 hours. The time is set in Southeast Asia, 5 hours later than in the Netherlands.

Around 7am local time, most traders in Asia woke up as the price spiked. If you have ALGO-FOMO in the Netherlands or Belgium, the coin can be purchased through the BLOX crypto app.

Wallet for FIFA

Algorand will help the world football association FIFA to develop its digital strategy, including a blockchain-based official wallet solution. The news was announced via Twitter and is also on the FIFA website. Crypto.com, a cryptocurrency exchange, is one of the official crypto sponsors of the Qatar World Cup.

FIFA Commercial Director Romy Gai on the Football Association website: “This announcement is an exciting time for FIFA as it officially enters the world of blockchain and the opportunities it presents for various applications. At FIFA, we must constantly strive to find and explore the most advanced, sustainable and transparent ways to increase revenue to further support the development of world football. Algorand is clearly an innovative and forward-thinking partner that can help us achieve these goals.”

transparency is needed

It is special that FIFA uses the word transparent, especially with the World Cup in Qatar on the horizon. Algorand is, in fact, the first US-based World Cup sponsor since 2011, after decades of US-related corruption investigations.

There are rumors that both Russia and Qatar have bribed unions in many other countries to vote for them.

Algorand claims to help finance, gaming, music, arts, and sports organizations that want to use the digital capabilities of Web3 as a way to drive growth, inclusion, transparency, and innovation in an environmentally friendly way. Perhaps football fans can buy tickets and NFTs through the Algorand wallet.

Flare develops bridge for Algorand to Bitcoin

In other Algorand news, company Flare specializes in building bridges between blockchains. You may remember Flare from his work with Ripple. They have received at least $1 million from Algorand to enable a bridge with Bitcoin.

Flare announced the partnership in the tweet above. Share the four most important pillars:

  1. to securely connect #Bitcoin to Algorand
  2. to develop a FAsset BTC
  3. integrate consensus to improve bridge safety
  4. receiving a 7-digit Supagrant from Alogrand

This new bridge will be built using the Flare protocols: Flare Time Series Oracle (FTSO) and State Connector.

new type of bridge

Sean Rowan, the director of Flare says on the website:

“We have great respect for the Algorand team and are excited to build a secure and reliable bridge for the Algorand ecosystem. The simple fact is that existing bridging approaches have proven unsatisfactory time and time again. Flare’s new approach is a very different way, built from the ground up rather than building on existing bridging technology, and will represent a breakthrough in secure, decentralized interoperability across chains.”

Using the world’s most secure network

The idea is not new and is already being applied to various blockchains in other ways. Most of the liquidity in crypto is in bitcoin and developers of other blockchains want to use this for their own projects. For example, it is already possible to use so-called bitcoin wraps for defi projects on Ethereum. flare says:

This is also the perfect time to officially confirm that BTC will be added as FAsset on Flare (FBTC). BTC holders can put their tokens to work in DeFi, NFT, Metaverse and other Web3 applications.”

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