The Algorand network has signed an agreement to become the official blockchain partner for the 2022 FIFA World Cup in Qatar. In addition, it will also partner with the 2023 World Cup for Women in Australia and New Zealand.
This news is immediately reflected in the price of Algo, the corresponding currency on the network. Below is the price for the last 24 hours. The time is set for Southeast Asia, 5 hours later than in the Netherlands.
Around 7 a.m. local time, most traders in Asia woke up as the price soared. If you have ALGO-FOMO in the Netherlands or Belgium, the coin can be purchased via the crypto app BLOX.
Purse for FIFA
Algorand will help the global football association FIFA develop its digital strategy, including an official blockchain-driven wallet solution. The news was announced via Twitter, and is also on FIFA’s website. Crypto.com, a crypto exchange, is one of the official crypto sponsors of the Qatar World Cup.
FIFA Chief Business Officer Romy Gai on the Football Association’s website: “This announcement is an exciting moment for FIFA as it officially enters the blockchain world and the opportunities it offers for various applications. At FIFA, we must constantly strive to find and explore the most advanced, sustainable and transparent ways to increase revenue to continue to support global football development. Algorand is clearly a forward-looking, innovative 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 actually the first U.S.-based sponsor of the World Cup since 2011, after decades of corruption-related investigations from the United States.
There are rumors that both Russia and Qatar have bribed the unions in many other countries to vote for them.
Algorand claims to help organizations in finance, gaming, music, arts and sports that want to use the digital capabilities of Web3 as a way to drive growth, inclusiveness, transparency and innovation in an environmentally friendly way. Maybe football fans can buy tickets and NFTs via Algorand’s wallet.
Flare develops bridge for Algorand to Bitcoin
In other Algorand news, the company Flare specializes in building bridges between blockchains. You may remember Flare from their 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. It divides the four main pillars:
- to securely connect #Bitcoin to Algorand
- to develop a BTC FAsset
- to integrate consensus to improve bridge safety
- receives a 7-digit Supagrant from Alogrand
This new bridge will be built using Flare protocols: Flare Time Series Oracle (FTSO) and State Connector.
New kind of bridge
Sean Rowan, Director of Flare says on the website:
“We have tremendous respect for the Algorand team and are pleased to develop a safe and reliable bridge to the Algorand ecosystem. The simple fact is that existing bridge-building approaches have repeatedly proved unsatisfactory. Flare’s new approach is a very different one. “built from scratch instead of based on existing bridge technology and will represent a breakthrough in secure, decentralized interoperability across all chains.”
Use of the most secure network in the world
The idea is not new and is already being used on 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 wrap bitcoins for defi projects on Ethereum. Flare says:
This is also the perfect time to officially confirm that BTC will be added as a FAsset on Flare (FBTC). BTC holders can set their tokens to work in DeFi, NFT, Metaverse and other Web3 applications. ”
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