UnitedMasters launched a new strategic partnership with the cryptocurrency platform Coinbase. The deal gives independent artists the option to be paid through Coinbase’s payroll product.
According to a press release, the goal of this partnership is to provide more opportunities for the up-and-coming musicians utilizing UnitedMasters, and to assist artists in keeping control of their careers in the ever-changing music industry.
“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,” Founder and CEO of UnitedMasters, Steve Stoute, detailed in a written statement. “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.”
“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,” Surojit Chatterjee, chief product officer of Coinbase continued. “We want to make it easy for every company to pay employees in crypto. This is the future of payroll.”
The platform is one of the first to offer this option, Bloomberg reports. Coinbase’s new payroll product 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.
In an interview with CBNC’s Squawk Box, Stoute also spoke about the decision to offer payment to artists in cryptocurrency. “Payment optionality has been a big thing in this creator economy, and now artists are being paid in crypto.”
Independent musicians will also have access to Coinbase’s full set of product offerings, with includes spending, earning, trading, and borrowing, according to Music Business Worldwide.
After launching a new subscription plan in July 2020 called Select, which allows artists to keep 100% of their earnings from digital platforms, UnitedMasters received a $50 million investment from Apple. UnitedMasters expands its reach every year, and this latest partnership with Coinbase will the company to maintain its position as a power player in the music industry.