Binance, a major cryptocurrency exchange , announced on Thursday that it became the official sponsor of The Weeknd’s ‘After Hours Til Dawn’ tour. According to the press release, the music tour becomes the first global concert to integrate web 3.0 technology.
The sponsorship was possible after a collaboration inked with HXOUSE, a think-center and community incubator for entrepreneurs, which intends to release an exclusive NFT collection for The Weeknd’s tour and other co-branded tour merchandise.
“Binance is all about the community, about people, about inclusion. I was impressed by their focus on users and innovative edge. It made perfect sense to work together, and I can’t wait for fans to experience crypto within a creative avenue while supporting a good cause. There are so many possibilities with crypto, and I think this is just the beginning,” The Weeknd commented.
Yi He, Binance’s Co-Founder, added: “We are excited to be an exclusive crypto partner of The Weeknd’s tour, giving fans and people the ability to interact with crypto in a new avenue. Crypto is community-centric, and we believe this partnership embodies that, including empowering local artists and giving back, through a mainstream platform.” The tour will begin on 8 July, and Binance.US will be the official sponsor in the United States.
Investment in Web 3.0
A $500 million investment fund was recently secured by Binance Labs, the venture capital and incubation arm of Binance. Global institutional investors, such as DST Global Partners, Breyer Capital and Whampoa Group contributed to the fund, according to Binance.
The venture firm noted that “the fund will invest in projects that can extend the use cases of cryptocurrencies and drive the adoption of third-generation websites (Web3) and blockchain technologies.”
Since the start of 2022, Binance Labs has made a number of investments in blockchain and Web3 projects. In April, the venture capital firm invested in pSTAKE Finance, a liquid staking protocol developed by Persistence as part of a move to bring more liquid staking into the BNB ecosystem.