Binance announces web3 partnership with Grammy organization

Startups • March 31, 2022, 10:00AM EDT
UPDATED: March 31, 2022, 12:54PM EDT
REUTERS / Alamy Stock Photo

Binance announced Thursday that it has partnered with the Recording Academy, the organization behind the Grammy Awards, to become its first official crypto exchange partner.

The partnership will allow Binance to bring "web3 solutions" to the Recording Academy's music community, a Binance spokesperson told The Block. They declined to comment on specific initiatives but said it wouldn't involve NFTs, when asked.

Panos A. Panay, co-president of the Recording Academy, said in a statement that the organization will explore new monetization avenues for its members and create new experiences for music fans along with Binance, without disclosing specific details. The Recording Academy did not respond to The Block's requests for comments.

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As part of the deal, Binance will be the academy's crypto exchange partner for the 64th Annual Grammy Awards and Grammy Week events, including the inaugural Recording Academy Honors celebration.

The deal size wasn't disclosed. The Binance spokesperson declined to comment on it but said the partnership is for "more than a year," and that further details will be announced at a later date.

This is the Recording Academy's second deal in the crypto space in recent months. In November, the organization partnered with NFT platform OneOf to release NFTs on the Tezos blockchain for the 64th, 65th and 66th annual Grammy Awards.

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Yogita Khatri is a senior reporter at The Block, covering all things crypto. As one of the earliest team members, Yogita has played a pivotal role in breaking numerous stories, exclusives and scoops. With nearly 3,000 articles under her belt, Yogita holds the records as The Block's most-published and most-read author of all time. Prior to joining The Block, Yogita worked at crypto publication CoinDesk and The Economic Times, where she wrote on personal finance. To contact her, email: [email protected]. For her latest work, follow her on X @Yogita_Khatri5.