Crypto

Algorand (ALGO) signs $ 100 million partnership with Drone Racing League

Algorand joins forces with the Drone Racing League

As reported by CNBC media, which interviewed a source familiar with the matter, this is the largest partnership ever signed by the league. Algorand and the Drone Racing League will be partners for 5 years. Until then, Allianz was the principal partner of the DRL; the company will continue to be associated with the project.

As a reminder, the Drone Racing League is, as the name suggests, a drone racing championship. Launched in 2015, the company currently worth more than $ 200 million. Its president, Rachel Jacobson, emphasized the commonalities between drone fans and cryptocurrency fans:

“When you look at what’s going on with cryptocurrencies and the blockchain, you have to make sure you’re reaching the right audience. [La génération Z] cares as much about the launch of an Apple iPhone as it does about sports and recreation. “

👉 On the same topic: Algorand (ALGO) commits to becoming a carbon neutral blockchain

Digital tickets and NFT

The partnership will allow Drone Racing League to use technologies developed by Algorand. The league’s official website looks at future tickets available on the blockchain, digital collectibles, and non-fungible tokens (NFTs), among other options.

In any case, Algorand is interfering in a particularly dynamic sector right now. The drone market is expected to reach $ 58 billion by 2026. The Drone Racing League could also extend its services beyond racing and thus make use of other aspects of Algorand, according to Rachel Jacobson:

“The possibilities are limitless. We build our drones, and when we think of other industries, it could be anything. We are just getting started.”

👉 Read: Algorand (ALGO) Launches $ 300 Million Fund to Support DeFi Innovation

Image Source: TheDroneRacingLeague.com

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About the author: Marine Debelloir

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Cryptoast Deputy Editor-in-Chief, I fell into the cryptocurrency pot a few years ago. I am passionate about the innovative technologies that emerge from the blockchain and I like to find the most delicious information to share with you.
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