Drone Racing League lands $100 million take care of crypto platform Algorand

Drone Racing League

Source: Drone Racing League

The New York-based Drone Racing League has signed its most significant sponsorship agreement to date with the cryptocurrency platform Algorand, the company announced on Tuesday.

DRL is a first-person view racing league in which drone pilots race devices through neon-lit courses and compete for prize money. The company was founded in 2015 and is now valued at $ 200 million, according to PitchBook.

The terms of the deal with Algorand weren’t released, but people who knew about the deal told CNBC that it was a five-year pact worth $ 100 million. The league partner remains the German financial services company Allianz, which has held the title rights since the beginning of the DRL. Excel Sports Management has negotiated the deal with Algorand.

In an interview with CNBC last week, DRL President Rachel Jacobson called the pact with Algorand “transformative” and the “perfect marriage”. She added the crypto platform and DRL is aimed at a “tech-setter” fan base.

Jacobson described Gen Z audiences as digitally savvy, early adopters, “who are just as interested in an Apple iPhone launch as they are in sports and entertainment.”

“When you look at what’s going on with crypto and blockchain, you need to make sure you’re targeting the right audience,” she added.

Boston-based Algorand has a blockchain or digital ledger and is traded on the cryptocurrency exchange under the ticker symbol SOME. As crypto continues to evolve in the financial sector, companies are positioning themselves to attract more digital consumers by using sports sponsorship to create awareness.

This year, crypto companies took over the sport Naming rights assets in the National Basketball Association and Major League Baseball, and one company achieved a $ 100 million deal with Freedom media– own Formula 1.

Drone Racing League

Source: Drone Racing League

Jacobson, a former NBA executive, said sports help newer companies gain brand awareness, but added that crypto firms still need to educate younger audiences about the field and use engaging platforms to get their message across. According to DRL, it reaches around 75 million fans worldwide

“You have to put in the right programming so it doesn’t just be a logo slap,” Jacobson said. “The crypto community is too smart – they only see through a jersey patch or signage. They want to know, ‘How can I get involved? And how will that change my sports experience?'”

DRL starts its sixth season on September 29th. The league has media rights deals with NBCUniversal and a streaming deal with Twitter. miscellaneous Include sponsorships Agreements with Draft kings, T-Mobile, Body armor that US Air Force. DRL is helping the Air Force recruit and train future drone drivers.

Drones used in racing events are designed and built by DRL who build models for each race. The drones are worth around $ 2,000 and can fly up to 90 miles per hour.

The global drone market – described as the “Unmanned Aerial Vehicle” sector – is expected to become $ 58 billion by 2026, by markets and markets. Since DRL also acts as a drone manufacturer, Jacobson said it wants to use products to generate more revenue.

“The possibilities are endless,” Jacobson said, noting that more and more companies are testing deliveries with drones. “We build our drones and when we think of other lines of business it could be anything. We’re just getting started.”

Correction: This article has been updated to reflect the year DRL was introduced.

Disclosure: NBCUniversal is the parent company of CNBC.

e-Cash Broadcasts Integration with the Algorand Blockchain to Speed up the Circulation of European Stablecoins

Copenhagen, Denmark, September 13, 2021 / PRNewswire / – e-Money today announced the integration with Algorand to support a range of fully secured European stablecoins across the Algorand ecosystem, including eEUR, eCHF, eNOK, eSEK and eDKK. Stablecoins – digital currencies designed to maintain stable value by pegging them to a fiat currency or other exchange-traded commodity – have grown in popularity significantly due to the demand for stable-priced assets in the fast-growing crypto capital markets.

This integration will enable faster time to market for applications that are based on Algorand and want to offer native currency options to users everywhere Europe and promote the adoption of Algorand-based applications among European users as they are familiar with the currency. These Algorand-compliant European stablecoin offers are not only available directly via e-money, but will also be listed on several decentralized exchanges in the coming days, which further increases the supply in circulation.

European stablecoins are fully secured with e-money and secured with actual bank deposits and government bonds at commercial banks. What is unique is that e-money’s currency-backed stablecoins each use a dynamic link that tracks the underlying interest rate, meaning stablecoin holders can benefit from accrued interest on their assets, even if they are just sitting in a user’s wallet. In addition, e-Money’s services operate in full compliance with AML / CTF legislation, and the platform is transparent and audited quarterly by Ernst & Young.

“We are excited to bring e-money stablecoins into the Algorand protocol. We are already seeing a number of exciting projects being built on Algorand and expect this development to continue at an accelerated pace. E-money will establish itself as an ecosystem. ” partner on Algorand projects that interact with real economies, expanding our user base and strengthening our position as the leading issuer of trusted European stablecoins. “- Martin Dyring-Andersen, E-money founder and CEO.

“Interest in stablecoins is booming and it’s great to add e-money offerings to the fiat-backed assets already floating around on Algorand such as QCAD backed by Canadian fiat and BRZ backed by Brazilian real,” said David Markley, Director of Business Solutions at Algorand. “Integration with e-money will expand general access to the Algorand ecosystem and help accelerate European market growth for many of the innovative and useful protocols on the network, from DeFi solutions to NFT marketplaces and beyond.”

About e-money
The e-money protocol is designed to issue a number of interest-bearing, currency-covered stablecoins that reflect various world currencies. Each token is backed by a reserve of assets denominated in the underlying currency. E-money currently supports the euro (EUR), Swiss franc (CHF), Swedish krona (SEK), Norwegian kroner (NOK) and Danish kroner (DKK) with a variety of additional currencies to be released year-round. The project is dedicated to total transparency with quarterly reserve checks of serious.

Unlike most existing stablecoins, which aim to maintain a static 1: 1 association with their underlying assets, the value of e-money’s currency-backed tokens continually shifts according to the interest accrued on currency reserves. This means that the owners can take advantage of the interest accrued on their assets while they are safe in your wallet. The e-money blockchain supports large-scale instant payments and includes a DEX for easy conversion between currencies. e-Money has already integrated with Ethereum and is expected to be integrated with Binance Smart Chain, Cosmos Hub, Avalanche, Polygon and Elrond in 2021.

About Algorand, Inc.
Algorand builds the technology for the future of finance (FutureFi), the convergence of traditional and decentralized models into a uniform, integrative, smooth and secure system. Founded by a Turing Award-winning cryptographer Silvio Micali, Algorand has developed a blockchain infrastructure that provides the interoperability and capacity to handle the transaction volume required by Defi, financial institutions and governments for a smooth transition to FutureFi. As the technology of choice for more than 700 global companies, Algorand enables the easy creation of next generation financial products, protocols and value sharing. For more information, visit www.algorand.com.

Media contact:
E-money
Shalini wood, CMO e-money
[email protected]

Algorand, Inc.
[email protected]

SOURCE E-Money