American music distributor UnitedMasters on Tuesday announced its partnership with the leading cryptocurrency exchange, Coinbase, to allow artists to accept crypto payments for the content they create..
UnitedMasters noted in its announcement that it will allow musicians to have full control of their earnings and that they can choose to be paid, in full or in part, through fiat or cryptocurrency using Coinbase’s payroll service.
Artists “can now take part in a more equitable, decentralized and transparent economic system,” the music distribution company said.
Founded in 2017, UnitedMasters, which claims to represent 1 million artists, helps musicians get attention while giving them the opportunity to distribute their music to all major streaming services.
The New York-based firm has also partnered with major global brands, including Apple, AT&T, the NBA, the NFL and Bose, to create awareness for artists
Its partnership with Coinbase makes the distributor one of the first in the music industry to offer crypto payments to artists.
Commenting on the deal, Surojit Chatterjee, Chief Product Officer at Coinbase, said: “We want to make it easy for every company to pay employees in crypto. This is the future of payroll.”
Last month, the crypto exchange announced plans to launch a new direct-deposit feature in the United States, which will enable customers to deposit part of their paycheck into Coinbase.
Paychecks deposited directly into the app can be converted into cryptocurrency or US dollars with zero transaction fees. Coinbase noted that once the money reaches its users’ accounts, they can choose what the company should do with the funds.
UnitedMasters will use its partnership with Coinbase as a way to market itself to artists that admire cryptocurrency.
Crypto has made its way into different industries, including sports and music. A few months ago, Coinfomania reported that popular American rapper, Busta Rhymes joined the number of people holding bitcoin (BTC). The rapper noted that he was inspired to invest in the leading cryptocurrency after watching the Bitcoin Conference live featuring Twitter’s Jack Dorsey, Tesla and SpaceX CEO Elon Musk.