UnitedMasters has signed a deal with crypto-exchange Coinbase and said it intends to empower independent artists by giving them an opportunity to be paid in cryptocurrency through Coinbase’s new payroll product.
Artists who are distributing their work through the UnitedMasters app now have an additional resource encouraging their financial empowerment, says UnitedMasters. The company also added it wants to boost decentralisation of the music industry.
The main goals are the creation of more financial opportunities, equity and transparency to the dedicated, rising musicians utilising its platform and leveraging the playing field so that they can stay independent and in control of their respective futures.
Now artists will have the option to choose how they want to be paid – in US dollars or in a cryptocurrency of their choice.
Founder and CEO of UnitedMasters, Steve Stoute, explained some details about the partnership and said that “working with Coinbase to give independent artists the ability to be paid in crypto is a natural next step for the company”.
“Using technology to ensure that the economics of the music business favour the creators behind it,” he said.
“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.”
Crypto is the future of payroll
Surojit Chatterjee, Chief Product Officer of Coinbase commented that “Coinbase’s mission is to increase economic freedom in the world”.
“We applaud UnitedMasters efforts to level the playing field for their community of musical artists,” he said.
“We want to make it easy for every company to pay employees in crypto. This is the future of payroll.”
After they receive their payment in crypto, artists will be able to utilise Coinbase’s financial resources for spending, earning and overall trading.
Prakash Hariramani, Coinbase’s director of product, confirmed that customers in the US could deposit their paycheck into Coinbase to more easily make regular crypto trades, spend on their Coinbase Card and earn crypto rewards.
Coinbase also recently said it plans to launch a marketplace that will enable its users to mint, collect and trade non-fungible tokens (NFTs).