Is a counterparty a third party?

Hello there, I'm curious about the term "counterparty" in the context of finance and cryptocurrency. Could you clarify for me if a counterparty can be considered a third party, or is there a distinct difference between the two? I've heard them used interchangeably at times, but I'd like to ensure I have a clear understanding of their definitions and how they relate to each other. Thank you in advance for your explanation.