Coinbase, the largest crypto platform in the United States, has announced a partnership with UnitedMasters, an American music distributor, to offer their artists the choice to receive crypto payments for the music they create.
According to the publication on Coinbase’s blogpost, UnitedMasters believes that the partnership will further financially empower the creators behind the music and decentralize the economics of the music business.
This development follows Coinbase’s recent announcement to allow its customers to deposit their paycheck into Coinbase to make easy and regular crypto trades,
What they are saying
The publication stated, “UnitedMasters will provide its artists total control of their earnings, giving them the freedom and flexibility to be paid, in full or in part, in US dollars or a cryptocurrency of their choice. The artists can also take advantage of Coinbase’s full set of product offerings including spending, earning, trading and borrowing, to help them to do more with their crypto.”
The CEO of UnitedMasters, Steve Stoute had this to say about the partnership. “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. 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.”
Surojit Chatterjee, Chief Product Officer of Coinbase stated, “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. We want to make it easy for every company to pay employees in crypto. This is the future of payroll.”
The UnitedMasters publication concluded by saying, “Upon receiving their payout in a number of cryptocurrencies, independent artists can then utilize Coinbase’s financial resources to spend, earn, trade or borrow. If you are an artist looking to be paid in crypto for your work while maintaining your independence and ownership, UnitedMasters is the place for you. Because at our core, we strive to empower artists by continuing to develop tools, resources and a wealth of information as we advocate for the music industry’s shift to favor the independent creator.”
COIN is trading $249.33, down 2.80% as of the time of this publication.