Coinbase and UnitedMasters, a music company that distributes music, have signed a deal to give artists the opportunity to receive their payments in cryptocurrencies. The partnership was announced on Tuesday, Oct. 12, by both companies.
The team-up aims to give independent artists more power by offering them transparency, equity, and control over their earnings. As mentioned on the Markets Insider, the music artists will be given several options to be paid, and these include: in the standard US dollars, partly in US dollars, or in cryptocurrency of their choice.
The payments are set to be made through Coinbase’s payroll product. UnitedMasters stressed that with this new means of receiving payments, the music artists can now take part in a more equitable and transparent system.
“We are excited to announce that UnitedMasters is partnering with Coinbase to offer their artists the choice to receive crypto payments for the music they create,” the cryptocurrency firm stated in a blog post. “UnitedMasters believes this will further financially empower the creators behind the music and decentralize the economics of the music business.
Coinbase added that it would be providing artists total control of their earnings which will give them the freedom and flexibility to choose how to be paid, be it in digital currencies or in US dollars.
Bloomberg reported that UnitedMasters is one of the first companies in the music business to add the crypto payment option. With this, musicians who distribute their work through the company founded by Steve Stoute in 2017, can now choose how much of their royalties they would like to get in cryptocurrencies.
Finally, Stoute, who is also UnitedMasters’ chief executive officer, said in a separate blog post that offering the crypto payment option to the artists is just a natural next step for them since this is the latest technology in terms of money transactions today. He added that through their team up with Coinbase, they can use “technology to ensure that the economics of the music business favor the creators behind it as the financial sector continues to evolve and innovate.”