Arun Sudhaman 09 Feb 2023 // 9:00AM GMT
HONG KONG — Cryptocurrency specialist REKT Partners is forming a new agency collective with two other firms to further pursue business in the sector.
REKT is joining forces with virtual PR firm Eureka Box and UK tech specialist Giant PR. The move comes after some high-profile recent challenges in the crypto sector, including the fall of cryptocurrency giants — most notably FTX — and tumbling bitcoin prices.
The new agency collective will focus specifically on the communications requirements of businesses in the digital assets space, with services built around cryptocurrencies, NFTs, tokenised securities or Web3 infrastructure.
REKT was launched at the start of last year by George Godsal, former global head of communications for BitMEX. The firm's client experience includes Crypto.com, Ripple, Trezor, and OKX.
“The crypto space is vastly complex, extremely fast moving, determinedly disruptive, and still in its nascent days," said Godsal. "We’ve found that crypto and digital asset firms struggle to find marketing partners who have both a genuine depth of crypto experience and breadth of marketing expertise. REKT Partners, Eureka Box and Giant PR have been working together for a while now on client projects and we realised that the combination of our respective strengths had relevance for the wider digital asset sector.”
Despite the dramatic collapse of FTX, which saw tens of billions of dollars vaporised and triggered an ongoing wave of restructuring and insolvencies, Eureka Box founder Marc Sparrow believes the agency collaboration is well timed.
"We’re making the move now so that we are already in prime position when the fog surrounding the industry clears," Sparrow told PRovoke Media. "Away from the high-profile implosions, there are smart people backed by serious capital who are using blockchain and crypto technologies to refashion core banking, capital markets and international finance — systems that otherwise often rely on decades’ old technologies."
Sparrow also noted that there are "thorny issues" that require addressing. "If we’re talking about the future of digital money, there are some big questions that need to be looked at — such as the role of state and private actors, the rights of the individual, and appropriate regulation that provides safeguards without stifling innovation."