Strategic Partnerships of Cryptocurrency Exchanges

“Alone we can do so little; together we can do so much.” 

The world is based on the commonwealth. I mean, the commonwealth is everything. It’s all around us. Between ordinary strangers on the streets in communication, between children in an attempt to find a new friend in the playground, and, of course, in the territory where money rules the world. Actually, I like the definition of commonwealth, it sounds very soft and simple. But people in the black suits prefer to call it one well-known word — “Business”.

I had a lot of theoretical articles about the cooperation and partnerships in the sphere of cryptocurrency. That topic will always be on the top, because even no matter as such as a great product you have- you can’t promote it without a well-designed advertisement or third-party assistance. For many years, we used to see the different collaborations where actors are playing in football or they recommend to buy these sneakers for playing basketball, we used to see how the musicians are advised to buy a ticket to NewYork or Saint-Tropez only by this airlines and to try the new type of non-gluten smoothie that will make your day better.

So, actually, I was a little exaggerated in the number of examples,but I tried to explain that everything in our life, everything that we eat, talk, see on the streets and even that we love( I’m talking about the movies, because it is the only one my real love)- it’s Business.

The cryptocurrency sphere now is based on partnerships. Crypto exchanges and different tokens are promoted through the long chain of legal and economical aspects of cooperation between two or more products. According to the information from Fintech Finance News:

The idea of strategic partnership came to the crypto industry from traditional business sectors. Put simply, it stands for short/middle-term commercial relations between two companies with a ‘win-win’ idea behind. Thus, both parties enter into a mutually beneficial partnership.

When it comes to exact reasons, each partnership is different. Some companies cooperate to create a brand-new product or service. Others want to expand their audience and attract new customers, or enter a niche market. The partners may also cooperate to conduct fundamental research and issue the latest market report. It always depends on industries, companies, and their goals. Generally, there are five key reasons for strategic partnership regardless of the exact purposes:

• to lower risks
• to reduce costs
• to drive innovation
• to outperform competitors
• to deal with regulatory barriers

From the latest news of the digital world I found out the interesting story of partnership between the crypto exchange from Spain Bit2Me and 2gether exchange.

The story was started from the moment when Bit2Me had the firm will to offer a solution so that 2gether users could continue to trade their cryptocurrencies on Bit2Me. All this, out of goodwill and without any financial compensation between the parties. Bit2Me’s objective with this agreement was to watch over the crypto ecosystem in Spain in order to allow 2gether’s clients to continue buying and selling cryptocurrencies without selling their positions.

But on July 19, Bit2Me announced that it will not be able to execute the agreement with the 2gether exchange so that 2gether customers can continue trading cryptocurrencies on Bit2Me due to the blockades generated by some of 2gether’s partners.

Given the impossibility of reaching an agreement with 2gether, Bit2Me has unilaterally decided to offer a promotion of 20 euros during July and August to those users who — on their own and voluntarily — send all their funds from other cryptocurrency platforms to Bit2Me with proper accreditation. Bit2Me reiterates its firm commitment to allow cryptocurrency users to operate with their funds in the most transparent, secure and legal way possible. Bit2Me believes that only with commitment and a sense of responsibility can cryptocurrencies be brought to society as a whole.

Some examples of crypto partnerships for promote the one idea and for creating the new opportunities for integrate the crypto power in one way:

1. For creating the new crypto platform, Invest.com and Bittrex cooperated to create an advanced trading platform. It will work under the Invest.com brand, but will feature the Bittrex engine and the full list of available tokens. The project is still under development and expected to go live later on, but the traders can register on the exchange even now.
2. In 2018, to enter new markets and introduce new token trading opportunities, Huobi is a pioneer cryptocurrency exchange that provides trading services to the users from all over the world. It has recently partnered with OpenFinance Network — a US-compliant marketplace for security tokens. According to Huobi’s strategy, this partnership will facilitate its entry into the US market. Ultimately, this venture may contribute to familiarizing traditional and institutional investors with crypto assets.
3. Seychelles-based cryptocurrency exchange KuCoin has announced a strategic partnership with the Pyth Network, according to the Financial Post, citing the statement from KuCoin.In the latest partnership, KuCoin is committed to providing real-time prices of trading pairs listed on KuCoin to Pyth network, enabling all traded currencies on KuCoin to the Pyth network, completing the complete chain of crypto market prices. The Pyth Network is a specialized oracle solution for processing latency-sensitive financial data that is typically kept behind a “walled garden” in a central authority. The whole point of the Pyth network is to find a new cheap way to put this unique data on-chain and aggregate it securely.

Top crypto partnerships in 2022

1️⃣Coinbase Teams up with Mastercard to Revolutionize NFT Purchase experience

The crypto exchange Coinbase Global has partnered with payments giant Mastercard to “revolutionize the NFT purchase experience.” Coinbase was essentially an on ramp for many crypto users, and they want to do the same with NFTs:

💭“Coinbase wants to simplify the user experience to allow more people to join the NFTs community. Just as we helped millions of people access Bitcoin for the first time in an easy and trusted way, we want to do the same for NFTs.”

Mastercard also announced this partnership via a post in their newsroom, and claimed that buying NFTs should be as easy as buying “a T-shirt or coffee pods”, and they are on a mission to make this true. Mastercard wants to make NFTs inclusive, and claims that although many crypto enthusiasts know what they’re doing to purchase NFTs, the common person does not.

💭“We’re working to make NFTs more accessible because we believe tech should be inclusive. When more people are included in new technologies, it spurs innovation, helps economies grow and expands choices for consumers.”

2️⃣Tesla, Block and Blockstream team up to mine bitcoin off solar power in Texas

In collaboration with Block and Blockstream, Tesla is building an open-source, solar-powered Bitcoin mine.The two Bitcoin-focused companies are to fund the construction of a Texas facility located at one of Blockstream’s mining bases. Tesla will provide a 3.8 megawatt solar PV array and a 12 megawatt-house Megapack to power the unit.

Adam Back, the co-founder and CEO of Blockstream and a pioneer in the cryptography and early Bitcoin scenes, announced the update today at the Bitcoin 2022 conference in Miami.Similar to Blockstream, Block (formerly known as Square) has become a key player in the Bitcoin sphere in recent years. The American payments company run by Bitcoin evangelist Jack Dorsey has been pushing to help Bitcoin adoption grow through various endeavors, including a DeFi exchange called TBD and offering support for the asset through CashApp.Tesla CEO Elon Musk is known for his interest in Bitcoin, having led his firm’s Bitcoin investment and previously disclosed that he holds the asset in his personal crypto portfolio.

3️⃣Crypto exchange WhiteBIT announced the integration with DIA

The Diia app allows Ukrainian citizens to use digital documents in their smartphones instead of physical ones for identification and sharing purposes. The Diia portal allows access to over 50 governmental services.

💭“We are happy that the state is becoming a convenient service, and our cooperation with The Ministry of Digital Transformation confirms this. Now, our clients can go through the verification procedure in two clicks”, said the CEO of WhiteBIT Vladimir Nosov.

Also, WhiteBIT exchange is known for their large number of successful partnerships and projects. Last week, they announced a new partnership with Checkout.com, which will make it much easier to make deposits on the exchange in EUR and USD. Checkout.com is the largest international fintech company that processes payments for other companies. The platform combines digital payments, analytics, and a fraud monitoring system.

If earlier transfers to the exchange were carried out using the AdvCash and NixMoney services, which did not allow direct bank card transactions. When depositing EUR or USD, you only need to select Visa/Mastercard, enter your card details, and confirm the payment. After that, the funds will be transferred to your crypto wallet on the exchange.

4️⃣FIFA Partners with Alogrand to Launch Blockchain- Supported Wallet in Qatar 2022 World Cup

FIFA World Cup Qatar 2022 will have a wallet powered by blockchain technology. With the help of the Algorand Blockchain business, FIFA has signed a sponsorship and technical collaboration agreement. In order to enable FIFA’s official blockchain wallet, Algorand has agreed to become the FIFA official blockchain platform and service provider. Assets, such as non-fungible tokens (NFTs), as well as digital assets like bitcoins, can be exchanged safely and securely using blockchain-enabled wallets that can be used to store digital assets on a digital network. Algorand will support FIFA in building its digital assets strategy, while FIFA will give sponsorship assets like advertising, media exposure, and promotional possibilities.

5️⃣YallaMarket Ties up with CoinMENA to Process Crypto Payments

💭“We can see now that the world is increasingly adopting blockchain and cryptocurrency technologies. YalaMarket could not stand aside as a company based in the UAE — a global hub for financial technologies. Moreover, as YallaMarket customers value their time and actively implement technologies in their lives, there is no doubt they are among pioneers of using crypto payments,” said Leo Dovbenko, CEO and co-founder of YallaMarket.

The acceptance of the two digital tokens from YallaMarket follows the related move from the Dubai-based Bake N More café, which came into the record as the very first to accept digital currency payments in the country.

The effort to incorporate crypto payments by YallaMarket and a growing number of businesses in the UAE stems from the projection that more residents in the Middle Eastern nation are open to transacting in digital currencies within the next five years, per data from YouGov.

💭“Crypto adoption is growing rapidly in the region. As the digital economy grows, using crypto as a medium of exchange is a no-brainer. Like all businesses started using the internet 20 years ago, everyone will start using crypto now; it is inevitable,” said Talal Tabbaa, CEO of CoinMena.