A new service for the platform.
Want to get paid for your music streaming royalties with crypto? The time is now apparently, with UnitedMasters collaborating with Coinbase to provide royalty payments in a cryptocurrency of your choosing.
What you need to know:
- United Masters and Coinbase have teamed up to pay artists their streaming royalty fees with cryptocurrency.
- As the artist, you can choose from a select number of cryptocurrencies to be paid in, in conjunction with FIAT currency.
- As cryptocurrency fluctuates quickly and significantly, this could be very good or very bad for artists.
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UnitedMasters, which is a distribution service for artists has announced it will allow their users to be paid in cryptocurrency such as Bitcoin and Ethereum through a partnership with Coinbase.
Steve Stoute, CEO of UnitedMasters says “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.”
The move may prove to be a good one for artists as there is generally a small barrier to entry with fees or below market exchange prices when first depositing money into a crypto exchange. This move will allow users to put all, some or none of their earnings into cryptocurrencies. Once paid in crypto, artists can spend, earn, trade or borrow through the Coinbase app.
With the market fluctuating regularly, the move could serve to be both great and not so great for artists depending on when they get paid.
Check out UnitedMasters for more information on the service.