The cryptocurrency firm will take over DRL's title naming rights starting with its sixth season on Sept. 29.
Drone Racing League's deal with Algorand is worth $100 million over five years, people with knowledge of the deal told CNBC.
DRL is a first-person-view racing league where drone pilots race devices through neon-lit courses and compete for prize money. The company started in 2017 and is now valued at $200 million, according to PitchBook. 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 both cater to a "tech-setter" fan base.
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