Crypto exchange Binance is sponsoring Grammys this year

Global blockchain company Binance has signed a partnership agreement with the Recording Academy, a major music recording company, to sponsor the 64 Annual Grammy Awards and Grammy Week events, including the inaugural Recording Academy Honors celebration.

The partnership aims to highlight the emerging Web3 technology solutions and experiences to the organisation's events and projects.

"As the official crypto exchange partner of the GRAMMY Awards, Binance will continue to work with the Recording Academy throughout the year to bring various Web3 technology solutions and experiences to the organization's members, events and initiatives," Binance said in a statement.

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Commenting on the development, Recording Academy Co-President Panos A. Panay said, "As we continue to evolve the Recording Academy for a rapidly changing music industry and for the next generation of creators, we feel that it's important to work with innovative partners to explore new monetization avenues for our members and create 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," he added.

Binance Co-Founder Yi He said, "We were impressed by the Recording Academy's ability to meet changing demands by its community-this is something we mutually share as a company that puts users and people first."

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"Starting with the GRAMMYs, we are excited to work together with the Recording Academy to bring fresh new experiences powered by blockchain and all the great things Web3 technology can bring to entertainment," he added.

Binance said that the additional details about the partnership will be announced at a later date.