According to a November 30, 2022 news announcement on its website, Poloniex has entered into a strategic partnership with Huobi that involves working together on ecosystem expansion, project cooperation, liquidity support, and global compliance.
Poloniex is a cryptocurrency exchange and service provider, founded in 2014. Huobi is a Seychelles-based cryptocurrency exchange founded in 2013 in China and was publicly listed in Hong Kong in 2018.
According to the announcement on Huobi, with effect from December 2022, Huobi will evaluate all projects on Poloniex on a monthly basis with top performing projects standing a chance to be listed directly on Huobi, enjoy full support from Huobi, and get access to users from Huobi. Both parties have stated that going forwards, they will progressively pursue strategic partnerships with other players in the industry.
In a November 30, 2022 blog, Binance, the world’s largest crypto exchange by trading volumes, announced that it had acquired 100% of the Japanese-registered crypto exchange service provider, Sakura Exchange BitCoin (SEBC). This acquisition allows the entry of Binance into the Japanese market as a Japan Financial Services Agency (JFSA) regulated entity. SEBC offers consultation and brokerage services to its customers.
“We are honored and delighted to make this announcement with Binance, one of the world’s leading crypto asset exchange service providers. On top of our effort to prioritize user protection, Binance’s strong compliance system will contribute to building a more compliant atmosphere for users in Japan and help them access key crypto services needed for mass adoption in the future”, said Hitomi Yamamoto, the CEO of SEBC.
Crypto.com is an official sponsor of the 2022 FIFA World Cup in Qatar. Through the partnership with FIFA, Crypto.com aims to drive awareness of its trading platform to an estimated global audience of over 5 billion watching the world cup event. Crypto.com, in partnership with Coca-Cola, is also launching a series of non-fungible tokens (NFTs) to celebrate the 2022 FIFA World Cup in Qatar. Crypto.com has other sports partnerships in motorsport, basketball, and ice hockey.
Strategic partnerships and acquisitions offer companies the opportunity to attract new customers, to drive innovation and to outperform competitors. Other reasons for strategic partnerships and acquisitions include the ability to expand into new or niche markets, for conducting research aimed at improving existing technologies or for exploring new technologies.
Though the terms of Binance’s acquisition of SEBC are yet to be fully disclosed, crypto exchanges and companies are seeking strategic partnerships and acquisitions to attract new customers, increase exchange liquidity, expand product offering, to facilitate token listings, and to deal with regulatory barriers.
