Coinbase And UnitedMasters Partner To Allow Cryptocurrency Payments For Artists
Coinbase and UnitedMasters, a company that distributes music, have signed a deal to allow artists to receive their payments in cryptocurrencies.
The Black-owned company, founded by Steve Stoutes, is now one of the first to offer, according to a report by Bloomberg.
The partnership’s goal is to “empower independent artists by giving them transparency, equity, and control over their earnings.”
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 participate in a more equitable and transparent system.
According to a press release, the Black-owned music distributor announced that its new partnership with Coinbase will allow artists to get paid in any cryptocurrency supported on the platform.
“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,” he added.
In a separate blog post, Stoute, who is also UnitedMasters’ chief executive officer, said 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.”