UnitedMasters Launches Deal With Coinbase To Allow Artists To Get Paid In Cryptocurrency
UnitedMasters has launched a new strategic partnership with cryptocurrency platform Coinbase. The deal gives independent artists the option of being paid through Coinbase’s payroll product.
According to a Press release, the goal of this partnership is to provide more opportunities for promising musicians using UnitedMasters and to help artists maintain control of their careers in an ever-changing music industry.
“Working with Coinbase to give independent artists the opportunity to get paid in crypto is a natural next step for us, using technology to ensure that the music industry economy favors the creators behind it,” Founder and CEO of UnitedMasters, Steve Stoute, detailed in a written statement. “As the financial industry continues to evolve and innovate, we are committed to putting our artists in the best position to benefit from these changes. “
“Coinbase’s mission is to increase economic freedom around the world, and we applaud UnitedMasters’ efforts to level the playing field for their community of music artists,” continued Surojit Chatterjee, Chief Product Officer of Coinbase. “We want to make it easy for every business to pay their employees in crypto. It’s the future of payroll.
The platform is one of the first to offer this option, Bloomberg Reports. Coinbase’s new payroll product gives artists the ability to choose how much of their royalties will be paid to them in cryptocurrency, as well as which coin they want to use.
In a interview with CBNC Scream Box, Stoute also touched on the decision to offer payment to artists in cryptocurrency. “Payment option has been a big part of this creator economy, and now artists are paid in crypto.”
Independent musicians will also have access to the full set of Coinbase product offerings, with expenses, income, trade, and loan, according to Music Business Worldwide.
After launching a new subscription plan in July 2020 called Select, which allows artists to keep 100% of their income on digital platforms, UnitedMasters received a $ 50 million investment from Apple. UnitedMasters expands its reach every year, and this latest partnership with Coinbase will allow the company to maintain its position as a powerful player in the music industry.