Global cryptocurrency platform Binance has announced a partnership with YG Entertainment Inc. (YG), one of South Korea’s leading multinational entertainment corporations.

The announcement was made in a joint statement on Tuesday. The partnership followed the signing of a Memorandum of Understanding to build a strategic partnership with both companies working on a range of blockchain projects. 

“YG is one of the most well-known global entertainment corporations in the world. Both Binance and YG will strive to further build their leadership in their respective fields. Now that the two companies have joined forces, we can expect to see a strong cooperative relationship being forged,” Helen Hai, Global Head of Binance NFT, said. 

Ms Hai added, “We hope that this will support the development of the global blockchain ecosystem and bring further mainstream adoption of new assets, such as NFTs, to a new user base.”

Binance and YG will collaborate in the NFT space, with the former providing the NFT platform and technology infrastructure while YG will supply NFT content and gaming assets.

Both companies also have plans to develop games on the Binance Smart Chain, collaborate on Metaverse projects, and actively pursue various digital asset opportunities to develop unique experiences and services for fans.

YG Entertainment is known for managing KPop superstars like Big Bang, Blackpink and Treasure. 

“As a Kpop leader, we plan to steadily build 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,” Bo Kyung Hwang, Chief Executive Officer (CEO) at YG, said. “We also hope that it could further strengthen the bond between fans and artists.”