The New York-based Drone Racing League( DRL) announced that has reached a five-year sponsorship agreement with crypto platform Algorand of $100 million.
The specific terms of the agreement regarding the cooperation and sponsorship have not been disclosed, but the Algorand cryptocurrency platform will take over the ownership of DRL from the sixth season which starts on September 29.
Rachel Jacobson, President of DRL, stated that the cooperation with Algorand is by far the most important sponsorship agreement and described the cooperation as “transformative” and “perfect marriage” according to the report from CNBC.
Rachel Jacobson added that:
“When you look across what’s happening with crypto and blockchain, you have to make sure that you’re targeting the right audience.”
Former NBA executive Jacobson described contemporary young people as digital masters and said that athletics can help new companies to raise awareness of the brand, but cryptocurrency companies still need to educate young audiences about the field.
Established in 2015, DRL is the global, professional drone racing property for elite pilots. The current global audience is more than 75 million.
The Boston-based Algorand Foundation is dedicated to fulfilling the global promise of blockchain technology by leveraging the Algorand protocol and open-source software, which was initially designed by Silvio Micali and a team of leading scientists.
Last year, Coinbase and Circle Centre Consortium have expanded USDC from Ethereum to Algorand’s blockchain as part of its multi-chain USDC framework—to bring scalability and performance improvements to the digital dollar stablecoin for global consumer payment adoption.
Crypto is demonstrating its strength and power in the sports field. As reported by Blockchain.News on March 3, Hong Kong-based crypto exchange Crypto.com has partnered with Aston Martin Formula 1 team, ahead of the British car maker’s 2021 F1 car launch.