Drone Racing League, a professional and international drone racing organization, has recently signed a deal with Algorand, a cryptocurrency platform for a $100 million, five-year collaboration.
In this deal, Algorand will acquire title rights to the Drone Racing League World Championship Tournament. The league, in return, can access Algorand’s advanced blockchain network and use it to broadcast events and promote social media and streaming channels.
“We are excited that DRL [Drone Racing League], will leverage Algorand’s technology to create immersive in-game experiences and introduce millions of technology enthusiasts to the possibilities that blockchain can bring to racing and to sports as we know them today,” Algorand Chief Executive Officer Steve Kokinos, said.
The CEO also added that their recent partnership will certainly be a breakthrough because he considers Algorand and DRL as one of the most disruptive organizations today.
A closer look at drone racing
DRL is a league that holds drone racing competitions where the remote-controlled flying machines need to pass through challenging technical courses. And as with any race, the one who finishes the course first wins cash and other valuable prizes.
The league said that integrating blockchain technology into their competition would certainly catapult DRL’s popularity even further. Since their audience is active and tech-forward people, bringing blockchain tech into the racing competition would certainly delight its millions of fans.
Shared value
According to DRL President Rachel Jacobson, both the racing league and Algorand share the same passion for speed, innovation, and inclusivity.
In fact, its recent collaboration with the cryptocurrency platform is its biggest partnership yet. The team-up is expected to catapult both companies to new heights.
DRL also plans to venture into the Metaverse, which is one of the fastest-growing concepts today and is set to be a massive industry in the future.
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