The K-pop fever has reached the crypto-verse and Binance was steering the wheel on this one. Prominent South Korean entertainment firm, YG Entertainment Inc. (YG), announced its strategic partnership with one of the world’s most popular cryptocurrency exchanges, Binance.
An array of firms have been venturing into the NFT space and YG didn’t want to be left behind. The South Korean entertainment company decided to explore the metaverse with the crypto exchange. The latest partnership between the two is expected to focus on sustainability.
In a recent announcement, the firm revealed that it would be deploying Binance’s tech to roll out eco-friendly and energy-efficient NFTs. Elaborating on the same, Helen Hai, the Global Head of Binance NFT said,
“Binance will be working closely with YG to create an eco-friendly ecosystem for NFTs. YG is a global entertainment corporation with global influence, and we believe that it is important to promote the use of sustainable blockchain platforms.”
YG manages several popular Korean bands like BLACKPINK, Winner, Big Bang, iKon, and others. Almost everyone was smitten by the K-pop wave. Merging two major industries, NFTs and K-pop could certainly be revolutionary and Binance was at the forefront of the same.
While the latest partnership has K-pop fans speculating the launch of BLACKPINK NFTs, confirmation wasn’t out yet. Bo Kyung Hwang, CEO at YG intends to further bolster the bond between fans and the artists with their latest partnership with Binance.
Additionally, the Memorandum of Understanding [MoU] will be allowing the crypto exchange to roll out digital assets in light of the IP [Intellectual property] of the aforementioned artists.
Binance and South Korea
With consistent developments and upgrades, Binance has managed to remain at the top for the longest time. The crypto exchange has been the first to hop onto any new trend. Once again, as the fervor around NFT surged, the crypto exchange was bringing out its big guns. However, where does the crypto exchange stand in South Korea?
Back in August, the exchange bid adieu to all things Korea from its exchange. The firm dismissed all Won trading pairs and also took off support for the Korean language. This was reportedly speculated to be in response to South Korea’s Financial Intelligence Unit’s regulations. The financial watchdog made it mandatory for foreign crypto exchanges to register. Furthermore, Binance suggested that this move was due to the low volume in the country.