The Recording Academy, a major music record company known for its annual music Grammy Awards, has signed a partnership agreement with Binance, the world’s largest cryptocurrency exchange by trading volume.
According to a joint announcement made on Thursday, Binance became the first-ever official cryptocurrency exchange partner at the 64th Annual Grammy Awards and Grammy Week events to introduce various technology solutions and Web3 experiences to the organization’s events and projects.
The partnership was announced just days before the 64th Grammy Awards on April 3 at the MGM Grand Garden in Las Vegas.
Recording Academy Co-President Panos Panay specified that the agreement provides for the development of new ways to monetize the Recording Academy and create new opportunities for music lovers.
“As a leading cryptocurrency and blockchain player with a community-driven approach, Binance is the perfect partner for the GRAMMY Awards and our mission to empower music people around the world,” Panay added.
According to Binance co-founder Yi He, the new partnership will enable the Recording Academy to meet the changing needs of its community by providing new blockchain-based experiences and “all the great things that Web3 technology can bring to entertainment.”
A Binance spokesperson this time declined to tell Cointelegraph if the partnership would involve the use of cryptocurrencies, noting that the parties plan to reveal more details at a later date. “We are currently discussing and exploring a number of possibilities,” the spokesperson said.
The partnership with Binance is not the Recording Academy’s first experience at the intersection of music and blockchain. In November 2021, The Recording Academy took a major step in the industry by partnering with OneOf, a non-fungible token (NFT) marketplace backed by record producer Quincy Jones. The exclusive partnership aims to release NFT digital collectible drops on the Tezos blockchain to commemorate the 64th, 65th and 66th Grammy Awards.
#GRAMMYs are coming to Tezos!The NFT platform @OneOfNFT, powered by @Tezos, enters a first-of-its-kind partnership with @RecordingAcad to create digital collectible #NFTs to celebrate the 64th, 65th and 66th GRAMMY Awards.#Tezos #CleanNFThttps://t.co/boPNYAT9Q0 — Tezos (@tezos) December 9, 2021
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On the other hand, this is the first time Binance has partnered with a music organization, a Binance spokesperson told Cointelegraph. The cryptocurrency exchange is still active with artists and musicians through its Binance NFT marketplace launched last year.
The partnership further solidifies Binance’s commitment to working with top companies to accelerate cryptocurrency adoption.
In early March, Binance CEO Changpeng Zhao announced that the exchange plans to identify and invest in one or two targets in every sector of the economy and try to bring them to crypto. The cryptocurrency giant previously invested $200 million in Forbes magazine to improve consumer understanding of cryptocurrencies and blockchain.