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The music distributor UnitedMasters has partnered with the exchange of cryptomoneys Coinbase Global Inc (NASDAQ: COIN) to offer musicians the option of receiving payments in cryptocurrencies.
What has happened
In a statement Tuesday, UnitedMasters noted that artists using its platform will give independent artists the ability to receive payments in crypto assets through Coinbase’s new payroll product. If artists choose to be paid in cryptocurrency, they can use Coinbase’s financial resources to spend, earn, trade, or borrow.
“We want all companies to find it easy to pay employees in cryptocurrencies. This is the future of payroll, ”said Coinbase Chief Product Officer Surojit Chatterjee.
Steve Stoute, founder and CEO of UnitedMasters, has expressed that allowing artists to earn in cryptocurrency is the “natural next step” for the company, which uses technology to ensure that the economics of the music business favors creators that the endorse.
“As the financial sector continues to evolve and innovate, we are committed to putting our artists in the best position to benefit from these changes,” he said in a written statement.
Because it is important
Stoute also appeared in a segment of CNBC’s ‘Squawk Box’ to explain how the crypto payment option for artists works with Coinbase.
“We are taking the money that comes through Apple and Spotify, we convert it into cryptocurrencies and we pay the artist,” explained Stoute.
Currently, there are 1.4 million artists using UnitedMusic, of which 59% are under the age of 25.
“The payment option has been a great element in this creator economy. And now they are asking to be paid in cryptocurrencies, “he commented.
The UnitedMasters CEO also stated that crypto payment options would not be limited to just Bitcoin (CRYPTO:BTC) y Ethereum (CRYPTO: ETH), otherwise there would be “thousands of options” available in terms of cryptocurrencies.
The movement of prices
Coinbase shares closed 2.49% lower at $ 249.33 on Tuesday. Meanwhile, the crypto market saw a 3.68% decline in 24 hours. Bitcoin, the leading cryptocurrency in the market, lost 4.5% of its value during the same period and was trading at $ 54,855 in the last revision carried out.
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