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Drone Racing League Partners with Crypto Platform in $100 Million Deal
Sep, 16 2021
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The Drone Racing League (DRL), which is globally recognized for building the Sport of The Future, signed a multi-year collaboration with Algorand's Blockchain Platform in a $100 million contract on 14th September.
The 5-year contract announced on Tuesday is the largest since DRL was
established by Nicholas Horbaczewski in 2015. Drone Racing League is known for
its technological innovations, engaging and high-speed drone racing, creating a
new generation of drone racing enthusiasts.
CEO of Algorand, Steve Kokinos stated that: “Algorand and the Drone
Racing League are the most technically advanced, disruptive, and visionary
organizations in blockchain and sports, respectively. We are excited that DRL
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 sports as we know them today.”
The partnership is planned to lead to next-generation fan experiences
with blockchain technology by launching blockchain-enabled tickets for
Alogorand, fan transactions, collectibles, NFTs, and introducing decentralized
gaming apps to the Drone Racing League (DRL).
As per the agreement, Alogorand will have the title rights of the DRL
World Championship circuit for the five years' term of the contract, starting
with its sixth season, which begins this month.
In the official announcement, Drone Racing League President Rachel Jacobson said that “Algorand shares our values of speed, innovation, and inclusivity. As the largest partnership in DRL’s history, we have ambitious plans to deliver a unique sports experience in the metaverse.
Also Read | US Army wants to use blockchain technology for tactical-level data management
He adds, “We are incredibly excited about how this partnership will
change the game for sports and tech fans and the blockchain community around
the world.”
In addition to this, the DRL has also received significant financial
backing from T-Mobile and the United States Air Force. Stephen Ross, the
principal owner of the Miami Dolphins and Hard Rock Stadium, was the new early
investor in the league. The startup also raised funds from Sky, CRCM, and
Hearst Ventures. The most recent round of financing was held in June 2019 and
was worth $26 million, led by Touchdown Ventures.
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Pavan A
CBW - External Analyst
INDIA
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