The Recording Academy, a significant music recording company best known for its annual Grammy Awards, has reportedly partnered with Binance, the world’s biggest cryptocurrency exchange.

Specifically, Binance is the first official crypto exchange partner of the 64th Annual Grammy Awards and Grammy Week activities, bringing numerous Web3 technology solutions and experiences to the organization’s events and projects.

The collaboration was announced just a few days before the 64th Grammy Awards took place in Las Vegas. 

The deal envisions the development of new revenue-generate methods for the Recording Academy as well as the production of new experiences for music fans, according to Panos Panay, co-president of the Recording Academy.

Mr. Panay reportedly said: “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,”

The new relationship will allow the Recording Academy to fulfill the changing expectations of its community by providing fresh new experiences based on blockchain and “all the fantastic things Web3 technology can bring to entertainment,” according to Binance co-founder Yi He.

Binance’s spokesperson reportedly confirmed that all stakeholders will disclose more details at a later date.

The Recording Academy’s collaboration with Binance isn’t the organization’s first journey into the worlds of music and cryptocurrency. In November 2021, the Recording Academy partnered with OneOf, a nonfungible token (NFT) marketplace funded by record producer Quincy Jones. To commemorate the 64th, 65th, and 66th Grammy Awards, the exclusive cooperation plans to release digital collectible NFT drops on the Tezos blockchain.

On the other hand, a spokeswoman for Binance reportedly informed that this is the first time the company has cooperated with a music organization. Through its Binance NFT platform, which opened last year, the cryptocurrency exchange is still collaborating with artists and musicians.