The last 12 months in the cryptocurrency industry has seen many notable partnerships created with traditional and innovative businesses alike. Some of these partnerships have fallen to the wayside, others have flourished, and some even have even been revealed to be completely fabricated. As noted below, founders of now infamous Centra have been indicted and face criminal charges due in part to their fraudulent claim of a non-existent Visa partnership.
“Defendants promoted the Centra ICO by touting nonexistent relationships between Centra and well-known financial institutions, including Visa, Mastercard and The Bancorp.”
Once touted as the most important aspect of a cryptocurrency project, partnership announcement hype has seen many a token rise and fall, simply at the rumor or even THOUGHT of a partnership possibility mulled over and discussed online.
As little as 6 months ago, the breath of a partnership deal in the works began a veritable momentum of exchange and social media activity for the token in question, regardless of the validity or longterm, appropriate nature of the business relationship.
In our ongoing desire for daily use adoption of cryptocurrencies by the general public, we have lost sight of the true, intrinsic value that a strategic partnership brings. Instead, we have waited with bated breath for the mere MENTION of a partnership without considering whether a business relationship adds long term, lasting value to a blockchain project.
This money hungry greed for a token or project to mature exchange value regardless of its stage of development has given rise to a new breed of internet culture disregarding many legitimate projects. At the same time, these individuals become solely focused on short term financial gains while losing sight of the long term vision and goals of the blockchain industry in its entirety.
Any partnership, be it traditionally established or cutting edge and blockchain innovative, must have an appropriate and lasting value to add to the application or platform it shares. This is defined in several different aspects including, but not limited to:
- long term vision and roadmap schedule.
- or complementary industry consumer base.
- business ethics and ideals.
- implementation method and deployment medium.
In similar nature, other aspects that make for a strategic partnership are defined as:
- user base, allowing for a more diverse audience.
- geo-location, allowing for a wider localization of services.
Many other considerations exist to allow for an efficient, strategic partnership. However, it remains key that both business entities share similar communicative processes and methods, allowing for a truly “well oiled machine” from the collaborative efforts of each corporation.
(Contributed by the head of the Ambassadors program, Kevin Steele)