Music executive Steve Stoute continues to stand at the forefront of music and technology and just announced that his independent artist distribution platform, UnitedMasters, has partnered with cryptocurrency exchange platform Coinbase to give artists the ability to be paid in cryptocurrency through Coinbase’s new payroll product.
The partnership plans to provide more opportunities for independent artists and to assist them in keeping control of their careers in the ever-changing music industry. Artists using the UnitedMasters app will be able to create more financial opportunities with flexibility and freedom to use US Dollars or a cryptocurrency of their choice.
“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,” Stoute told Music Business Worldwide.
According to Bloomberg, UnitedMasters is one of the first to offer this payment option, which 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. Upon receiving their payout in a number of cryptocurrencies, independent artists can then utilize Coinbase’s financial resources to spend, earn, trade or borrow.
“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,” Surojit Chatterjee, Chief Product Officer of Coinbase further told MBW.
Steve Stoute also stopped by CNBC to discuss his latest evolution in music. Check out the interview below as he disrupts the music business once again.
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