Algorand (ALGO) is a decentralized & permissionless blockchain created to address the issues surrounding scalability, security & decentralization. The blockchain was launched in 2019 by Silvio Micali, an MIT professor and Turing award winner for his work in cryptography.
The team is well versed with blockchain concepts and consists of researchers, scientists & mathematicians. Users can develop Dapps, smart contracts & NFTs on the Algorand chain.
To win investors’ trust, a blockchain must have a better ecosystem & strategic partnerships. This post will highlight the key partnerships, Algorand has inked to place itself on a level playing field. These partnerships are crucial for the growth of its ecosystem & reach. Let’s take a look at the important ones –
1. FIFA partners with Algorand:
FIFA has inked a sponsorship & technical partnership with Algorand. The agreement made Algorand the official blockchain platform of FIFA. As per the terms of the agreement, Algorand will be the official regional supporter of FIFA world cup Qatar in North America & Europe, including the official sponsor of FIFA Women’s World Cup Australia and New Zealand 2023.
It’s more or less like a barter deal in which Algorand will assist FIFA in digital asset development strategies while FIFA will provide sponsorship assets to Algorand including media exposure, advertising opportunities & promotional opportunities.
FIFA partnership will boost the marketing efforts of Algorand & increase its exposure
2. Strategic Partnership with CyLab:
The Algorand Foundation has announced a strategic partnership with Carnegie Mellon University CyLab. The CyLab partnership will allow Algorand to advance blockchain education, support blockchain research & blockchain student community development. It will also allow students to interact and exchange ideas with researchers. A step in the right direction.
3. Techstars Web3 Innovation Program:
Techstars is an investment company that provides consultation, capital & mentoring to early-stage startups. The firm has partnered with Algorand to launch Techstars Crypto Boston program.
The program will offer personalized one-on-one mentioning to startups, especially in the web3 innovation space and also help them with investment. The high-growth startups will participate in a 13-weeks program on an annual basis for three year period.
The reason for choosing Algorand blockchain is because it’s the only blockchain that isn’t just carbon neutral but also carbon negative. Algorand will be the ideal blockchain delivering the web3 knowledge among the attendees.
The program will also help Algorand identify & invest in promising web3 startups
4. Nigeria Partnership with Algorand:
The Nigerian government has launched a major crypto initiative in the country. The government will have intellectual property rights for a national wallet. It is building IP Exchange, Wallet & Marketplace on the Algorand blockchain.
The project is a 3-years agreement that splits between Algorand, Developing Africa Group and Koibanx. Koibanx will be the tokenization and payment platform to be used in the country & Algorand blockchain will be built on top of it.
The goal is to match & surpass the level of El Salvador’s blockchain program
5. Keon Foundation:
Keon Foundation has selected Algorand as its layer-1 chain for DeFi Asset management ecosystem. The foundation serves as the virtual asset service provider for the Keon Finance ecosystem.
Keon has big plans to introduce low-cost DEXes, Keon NFT marketplace, IDO launchpad and related applications in its ecosystem. Algorand is the first step to get things started on the layer-1 chain.
How will these partnerships affect ALGO Price?
The partnerships will help ALGO reach a wider market and penetrate the masses which it failed to do in the initial phase. A strategic partnership with FIFA will help Algorand spread awareness about the blockchain using the mainstream media. Moreover, technical partnerships with Keon & Nigerian government will help keep the financial ledger strong, keeping things afloat for a longer period of time. Overall, ALGO will see a jump in price when the bull run resumes. $10 will be within reach.
This completes my post on Algorand Partnerships. In the next post, I will talk about the Polygon MATIC boom. If you’re a fan of blockchain technology then do share this post on your social handles and educate everyone around you. Remember to subscribe to my YouTube channel for more informative content, released every week.
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Paras is a blockchain writer & video creator at Katoch Tubes. In his free time, he loves watching space exploration documentaries & Hollywood movies.