Binance has announced its partnered with YG Entertainment.
BINANCE — The largest cryptocurrency exchange sealed a deal with YG Entertainment to launch blockchain projects.
Binance and YG Entertainment signed a Memorandum of Understanding (MOU) to build a strategic partnership.
As part of the agreement, the companies will cooperate on a range of blockchain projects — including collaborations in the NFT (non-fungible token) space.
In an issued statement, the largest cryptocurrency exchange said that the partnership between the two companies sought to take advantage of the booming Korean wave, banking on YG Entertainment’s massive network in the field.
Under the agreement, Binance will provide the NFT platform and technology infrastructure, while YG Entertainment will supply NFT content and gaming assets.
Helen Hai, Global Head of Binance NFT, said that both companies will strive to further build their leadership in their respective fields.
“YG is one of the most well-known global entertainment corporations in the world,” Hai said. “Now that the two companies have joined forces, we can expect to see a strong cooperative relationship being forged.“
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Binance and YG Entertainment also have plans to develop Binance Smart Chain-based games, to collaborate on building the Metaverse, and to actively pursue different digital asset opportunities.
YG Entertainment has been managing world-renowned South Korean pop stars — including BLACKPINK, BIG BANG, iKON, WINNER, AKMU, and TREASURE.
Bo Kyung Hwang, the chief executive officer of YG Entertainment, said that the group planned to establish an “innovative and eco-friendly” NFT ecosystem.
“Collaboration with Binance has provided an opportunity for YG to secure royalties and business opportunities for rare and valuable content. We also hope that it could further strengthen the bond between fans and artists,” Hwang said.
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