Binance becomes official crypto exchange partner of 64th Grammy Awards

The Recording Academy, a serious music recording firm well-known for its annual music awards Grammy Awards, has inked a partnership with Binance, the world’s largest crypto alternate by buying and selling volumes.

In keeping with a joint announcement on Thursday, Binance turned the first-ever official crypto alternate accomplice of the sixty fourth Annual Grammy Awards and Grammy Week occasions to convey varied Web3 know-how options and experiences to the group’s occasions and initiatives.

The partnership was introduced only a few days earlier than the sixty fourth Grammy Awards ceremony, which is able to happen on April 3 on the MGM Grand Backyard Area in Las Vegas.

Recording Academy co-president Panos Panay specified that the settlement envisions the event of latest monetization avenues for the Recording Academy and the creation of latest experiences for music followers.

“Because the main participant within the crypto and blockchain area and with its community-focused method, Binance is the right accomplice for the GRAMMYs and for our mission to empower music folks all over the world,” Panay added.

In keeping with Binance co-founder Yi He, the brand new partnership will allow the Recording Academy to satisfy the altering calls for of its group by offering contemporary new experiences based mostly on blockchain and “all the good issues Web3 know-how can convey to leisure.”

A spokesperson for Binance declined to inform Cointelegraph whether or not the partnership would contain utilizing acryptocurrency, noting that the events are planning to reveal extra particulars at a later date. “We’re at the moment discussing and exploring various prospects,” the consultant stated.

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The partnership with Binance just isn’t the Recording Academy’s first foray into the intersection of music and blockchain. The Recording Academy made a serious transfer into the business in November 2021, getting into a partnership with OneOf, a nonfungible token (NFT) market backed by report producer Quincy Jones. The unique partnership goals to difficulty digital collectible NFT drops on the Tezos blockchain to commemorate the sixty fourth, sixty fifth and 66th Grammy Awards.

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Alternatively, that is the primary time that Binance has partnered with a music group, a spokesperson for Binance instructed Cointelegraph. The cryptocurrency alternate has nonetheless been working actively with artists and musicians by its Binance NFT market launched final yr.

The partnership additional reinforces Binance’s dedication to work with mainstream firms to spice up cryptocurrency adoption.

In early March, Binance CEO Changpeng Zhao introduced that the alternate was planning to establish and spend money on one or two targets in each financial sector and attempt to convey them into crypto. The cryptocurrency large beforehand invested $200 million in Forbes journal on its mission to enhance client understanding of cryptocurrencies and blockchain.

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