Many people in the public only associate cryptocurrency partnerships with the marketing tactics that have put these companies on the cars of NASCAR and jerseys of the NBA. However, partnerships can go beyond the aims of increasing coin price and can be used to a greater utility than many Crypto companies realize. In fact, the best crypto partnerships achieve a combination of all these benefits. In this article we will be going over the different types of Cryptocurrency partnerships that can occur and how they can be used to increase company value and more importantly bring utility to the world at large.
Stellar and Ukraine
One of the best Crypto partnerships was Ukraine’s partnership with Stellar on January 6, 2021. The purpose of the partnership was to turn Ukraine into a leader that will help integrate a major technological innovation into the financial system, while Stellar has the opportunity to integrate 44 million people into their blockchain.
”We believe that our cooperation with the Stellar Development Foundation will contribute to the development of the virtual asset industry and its integration in the global financial ecosystem,” commented Deputy Minister of Digital Transformation Oleksandr Bornyakov.
With that, there have been delays in the development of Stellar as many developers can’t get to their offices during this time of war. However, it is still apparent that Zelensky has his eye on developing a cashless society. We can infer that in the instance the CBDC is implemented, this will be a great boon to Stellar. Regardless, Ukrainian experiments partnering with a Cryptocurrency company have inspired others to do the same.
Crypto isn’t the only thing at work. Read more about how the people of Ukraine are innovating technology uses here.
Cardano and Ethiopia
In 2021 Ethiopia made news when it partnered with Input Output Hong Kong (IOHK) to digitize a facial recognition database. For context, IOHK is one of the biggest companies that builds and maintains Cardano. IOHK would work with Ethiopia’s native Atala Prism (which is built on Cardano).
In recent years, IOHK and Ethiopia have teamed up to orient their facial recognition and store a decentralized facial database for school children. John O’ Connor, the director of African Operation at IOHK, said, “We have completed the first pilot and are beginning to train users at the Ministry of Education on functionality and usage.” With this new development, Cardano can gain 800,000 new students under their program.
While the aspirations to track and improve progress should be motivation enough, we can see a definite jump in Cardano’s price weeks after the announced partnership.
FTX and MLB
In June of 2021, FTX made news with its partnership with the MLB. FTX is probably an unfamiliar name to most since it is a crypto exchange that, up until now, has lacked fame. With just one partnership, FTX has gained access to an audience that numbers in the hundreds of millions.
MLB’s chief marketing officer Noah Garden had this to say in response: “this is an incredibly exciting announcement for everyone in Major League Baseball as we partner with a global leader in the early stages of their unbelievable growth.”
With this widespread exposure, we can be certain that much of the rise in FTX tokens was a result of this newfound exposure.
Want to learn more about landmark crypto campaigns? Check out this blog for industry leaders in the campaigns.
Crypto.com and Staples Center
One of the top Cryptocurrency partnerships that made news was the renaming of the Staples Center to Crypto.com arena on November 16, 2021. More specifically, Crypto.com would partner with Anshutz entertainment, the owner of the Staples center, to hold a 20-year contract that would cost $700 million dollars.
Changing a major landmark of LA did not go unnoticed, with people commenting on it on Twitter, Newspapers, and even Late Night shows.
I blame the changing of the name of “Staples Center” for the Lakers Downslope this season.
All my homies hate the Crypto Dot Com Arena.
— SAMPLE. (@AYOSAMPLE) December 25, 2021
In response to critics, Trevor Noah had this to say about the change to the Staples Center: “I don’t know if you need to get that sentimental, Paul,” Noah said. “You know, it’s not like Staples is a sacred name from our ancestors. It’s a store where you buy 50 packs of binders even though you only need one. Then, when you get home, you find out they were the wrong size anyway.”
Within days of the purchase, Crypto.com’s coin Cronos would jump from an anemic 40 cents to 90 cents, more than doubling their coin value.
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The major growth of cryptocurrency companies has led to a re-imagination of standard marketing and even governmental management. For those that have read it and want a simple approach to cryptocurrency partnerships, here is a quick takeaway.
- Use your technology to bring utility to old, archaic systems. The reason why IOHK and Stellar have a successful approach to Cryptocurrency is because they seek to use their technology to reimagine old approaches to monetary policy and organize data, like Ethiopia’s student retinal data.
- Get your brand into the eye by utilizing existing foundations of culture and its vast audience. Think about how FTX teamed up with the MLB to get their unknown brand onto the jerseys of the players.
- The last takeaway is related to getting your brand into the public eye. Think bigger than media channels and get your brand out there by associating it with buildings. Think of how Crypto.com utilized the Staples Center building to integrate Crypto.com into the LA culture.
A good company does both of these things. Get your brand into the public eye, but, more importantly, use your blockchain technology to change and help the environment around you.
This article was written by Benjamin Byun