The Recording Academy, a major music recording company famous for its annual music awards Grammy Awards, has inked a partnership with Binance, the world’s largest crypto exchange by trading volumes.
According to a joint announcement on Thursday, Binance became the first-ever official crypto exchange partner of the 64th Annual Grammy Awards and Grammy Week events to bring various Web3 technology solutions and experiences to the organization's events and projects.
The partnership was announced just a few days before the 64th Grammy Awards ceremony, which will take place on April 3 at the MGM Grand Garden Arena in Las Vegas.
Recording Academy co-president Panos Panay specified that the agreement envisions the development of new monetization avenues for the Recording Academy and the creation of new experiences for music fans.
“As the leading player in the crypto and blockchain space and with its community-focused approach, Binance is the perfect partner for the GRAMMYs and for 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 demands of its community by providing fresh new experiences based on blockchain and “all the great things Web3 technology can bring to entertainment.”
A spokesperson for Binance declined to tell Cointelegraph whether the partnership would involve using acryptocurrency, noting that the parties are planning to disclose more details at a later date. “We are currently discussing and exploring a number of possibilities,” the representative said.
The partnership with Binance is not the Recording Academy’s first foray into the intersection of music and blockchain. The Recording Academy made a major move into the industry in November 2021, entering a partnership with OneOf, a nonfungible token (NFT) marketplace backed by record producer Quincy Jones. The exclusive partnership aims to issue digital collectible NFT drops on the Tezos blockchain to commemorate the 64th, 65th and 66th Grammy Awards.
On the other hand, this is the first time that Binance has partnered with a music organization, a spokesperson for Binance told Cointelegraph. The cryptocurrency exchange has still been working actively with artists and musicians through its Binance NFT marketplace launched last year.
The partnership further reinforces Binance’s commitment to work with mainstream companies to boost cryptocurrency adoption.
In early March, Binance CEO Changpeng Zhao announced that the exchange was planning to identify and invest in one or two targets in every economic sector and try to bring them into crypto. The cryptocurrency giant previously invested $200 million in Forbes magazine on its mission to improve consumer understanding of cryptocurrencies and blockchain.