UnitedMasters Partners With Coinbase To Let Artists Get Paid In Cryptocurrency
0
0
American music distributor UnitedMasters announced on October 12 that they were partnering with cryptocurrency exchange company Coinbase. They made this partnership with the primary goal of allowing artists under UnitedMaster to get paid in cryptocurrency, if they so choose. This partnership also allows UnitedMasters to pay artists in any cryptocurrency of their choice, adding to the intended flexibility. Being paid in cryptocurrency is optional; UnitedMasters can still pay artists in US dollars if that’s what they’d prefer.
The partnership also allows artists to use Coinbase’s services for cryptocurrency. Whether it be trading, earning, spending, or borrowing, this lets artists new to cryptocurrency do more with their earnings, making it a viable option for anyone who hasn’t previously invested into crypto. UnitedMasters has stated the intent of this partnership was “to create more financial opportunities, equity and transparency to the dedicated, rising musicians utilizing our platform and to level the playing field so that they can stay independent and in control of their respective futures”. This additional flexibility lets them follow through with that mission.
UnitedMasters CEO Steve Stoute explained the reasoning behind this decision on CNBC Television in this interview.
“We have 1.4 million artists on the platform that we’ve distributed around the world, and we’ve watched the rise of them asking to get paid,” Stoute states. “Payment optionality has been a big thing in this creator economy, right? And now they’re asking to get paid in crypto. So partnering with the best in class, which is Coinbase, in order to offer this product, allows artists to get paid in fiat government currency or cryptocurrency.”
With cryptocurrency being a controversial practice as is, time will tell how this partnership turns out. However, with a significant amount of artists asking for cryptocurrency, the future looks bright for the partnership between UnitedMasters and Coinbase.
Christopher LeDoux is an intern at the StreamLINE Music Blog. He has been an avid piano player for over a decade and also enjoys writing and video games. He is in his last semester of college at UW Stevens Point.