The Recording Academy, the major music record label best known for its annual Grammy Awards, has signed a partnership with Binance, the world’s largest cryptocurrency exchange by trading volume.

According to a joint announcement on Thursday, Binance has become the first official cryptocurrency exchange at the 64th Annual Grammy Awards and Grammy Week to offer a variety of technology solutions and Web3 experiences for corporate events and projects.

The collaboration was announced just days before the 64th Grammy Awards on April 3 at the MGM Grand Garden Arena in Las Vegas.

Panos Panay, co-president of the Recording Academy, specified that the agreement includes the development of new ways to earn money at the Recording Academy and create new experiences for music lovers.

“As a leading player in crypto and blockchain with a community-driven approach, Binance is the perfect partner for GRAMMY and our mission to empower music professionals around the world,” Banay added.

According to Binance co-founder Yi He, the new partnership will enable the Recording Academy to meet the changing needs of society by offering fresh new blockchain-based experiences and “all the great possibilities that Web3 technology can provide for entertainment.”

A Binance spokesperson declined to tell Cointelegraph whether 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 collaboration with Binance is not the record academy’s first attempt at the intersection of music and blockchain. In November 2021, The Recording Academy took a big step in the industry and partnered with OneOf, a non-tokenized marketplace (NFT) backed by record label Quincy Jones. The exclusive partnership aims to release collectively objective digital NFT drops on the Tezo blockchain to celebrate the 64th, 65th and 66th Grammy Awards.

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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 continues to actively interact with artists and musicians through the Binance NFT Marketplace, which was launched last year.

The partnership reinforces Binance’s commitment to working with large companies to advance the adoption of cryptocurrencies.

In early March, Binance CEO Changpeng Zhao announced that the exchange plans to set one or two targets in each sector of the economy, invest in them, and try to move them into cryptocurrency. The cryptocurrency giant previously invested $200 million in Forbes magazine in its mission to improve consumer understanding of cryptocurrency and blockchain.

Source: CoinTelegraph