Algorand And The Drone Racing League Have Reached A Sponsorship Agreement Of $100 Million

• Avinandan Banerjee
• September 17, 2021

The famous Drone Racing League or better known as the DRL, which is based out of New York, recently announced that they had struck a major sponsorship agreement that spans across five years, with the popular crypto platform known as Algorand and that too for a staggering $100 million.

However, the specific terms that clearly define the highlights of these agreements in relation to the details of the sponsorship and the cooperation in the partnership. But it has been announced that the Algorand cryptocurrency platform will gain control and take over the ownership of DRL beginning from their 6th season, which begins on the 29th of September, 2021.

According to a report from CNBC, Rachel Jacobson, who is the President of the Drone Racing League, made a statement in which she mentioned that this cooperation with the cryptocurrency platform of Algorand is probably the best and the most important sponsorship decision that they have taken. Moreover, she described this partnership as a ‘perfect marriage’ and a transformative experience for the company. 

She further added that if someone can observe what is actually happening in the blockchain and crypto space globally, then she believes that it would be extremely wise to make sure that they are targeting the proper kind of audience in their business.

Jacobson, who is also a former NBA executive, also mentioned that according to her, the young people in our society sort of master in digital technology, and she also mentioned that even if it is true that athletics can indeed help new companies to create an awareness of their brand, but it goes without saying that the cryptocurrency companies must understand the necessity and the importance of educating these young individuals about the entire crypto space.

Drone Racing League (DRL) was established in the year 2015 as the global as well as the professional drone racing platform for elite and experienced pilots. As of now, the global audience reach of DRL stands at more than a whopping 75 million.

The Algorand Foundation, on the other hand, is based in Boston, and they are completely dedicated to their mission to deliver the global promise in regards to Blockchain as a technology. They intend to achieve this by leveraging the uniquely innovative Algorand protocol and their famed open-source software, the one that was primarily designed by the genius Silvio Micali in collaboration with a team of really gifted scientists. 

During the previous year, the Circle Centre Consortium and Coinbase have helped expand the USDC from the network of Ethereum to the Blockchain of Algorand as a part of their USDC framework, which is also a multi-chain network. The reason behind this is to introduce enhanced scalability and improvements in the performance of the USDC stablecoin for consumer payment adoption across the world.

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