As we’re living in the age of cryptocurrency, industries are keeping up with the wave, and UnitedMasters recently broke ground in the music industry.
According to a press release, the Black-owned music distributer announced that its new partnership with Coinbase will allow artists to get paid in any cryptocurrency supported on the platform.
The company is now one of the first to offer the service, Bloomberg reports. The goal of the partnership is to “empower independent artists by giving them transparency, equity and control over their earnings.”
“Working with Coinbase to give independent artists the ability to be paid in crypto is a natural next step for us, using technology to ensure that the economics of the music business favor the creators behind it,” UnitedMasters Founder and CEO Steve Stoute said in a press release. “As the financial sector continues to evolve and innovate, we’re committed to putting our artists in the best position to benefit from these changes.”
Coinbase’s new payroll product aims to boost flexibility for how artists get paid. Artists are given the freedom to decide the portion of their royalties that they’ll earn in cryptocurrencies, as well as which coin they want to use.
With the new service, independent artists also have access to Coinbase’s financial resources to spend, earn, trade or borrow after earning their payout, according to UnitedMasters’ press release.
While founded in 2017, the company’s latest partnership falls in line with its work to be known as an unparalleled music distributor in the business. As previously reported by AfroTech, earlier this year it received a rare Apple investment of $50 million. The deal sparked a strategic partnership between the two — as both of their missions is to empower creators.
“Coinbase’s mission is to increase economic freedom in the world, and we applaud UnitedMasters efforts to level the playing field for their community of musical artists,” Chief Product Officer of Coinbase said. “We want to make it easy for every company to pay employees in crypto. This is the future of payroll.”