UnitedMasters companions with Coinbase to let artists receives a commission in cryptocurrency

UnitedMasters has entered into a new partnership with the cryptocurrency platform Coinbase to give indie artists the opportunity to get paid in crypto using Coinbase’s new payroll product.

The announcement today (Oct. 12) follows UnitedMasters’ August news of other new funding instruments for indie artists, one of which, launched in partnership with beatBread, allows the distributor to advance eligible artists from $ 1,000 to $ 1 in advances Million US dollars.

UnitedMasters also entered into a finance-related partnership with Paperchain, which uses algorithms to predict an artist’s royalty income based on their latest streaming data.

Artists using UnitedMasters can now choose to be paid in US dollars or in a cryptocurrency of their choice.

Artists can also take advantage of Coinbase’s full range of products – including spending, income, trading, and borrowing.

UnitedMasters says the goal is “to give the dedicated, aspiring musicians who use our platform more financial opportunities, equity, transparency, and level the playing field so that they can be independent and in control of their respective futures”.

Speaking to CNBC, UnitedMasters Founder and CEO Steve Stoute explained the decision to offer cryptocurrency withdrawals, stating that “Payment options were a big deal in this creator economy, and now”. [artists] require to be paid in crypto ”.

CNBC also reports that UnitedMasters now has 1.2 million artists on its platform, that over 1 billion streams are generated by these artists per month, and that 59% of the artists on the platform are under 25 years of age.

In March, UnitedMasters announced it would raise a $ 50 million funding round led by Apple and funded by Alphabet and Andreessen Horowitz.

The news marked another significant financial milestone for New York-based UnitedMasters after the company completed the 2017 $ 70 million funding round led by Google / Alphabet.

Meanwhile, Coinbase also announced in a blog post today that it plans to launch its own NFT platform, Coinbase NFT.

“As the financial sector is constantly evolving and innovative, we strive to put our artists in the best possible position to benefit from these changes.”

Steve Stoute, UnitedMasters

UnitedMasters Founder and CEO Steve Stoute said, “Working with Coinbase to enable independent artists to get paid in crypto is a natural next step for us.

“As the financial sector is constantly evolving and innovating, we strive to put our artists in the best position to benefit from these changes.”

“We want to make it easy for every company to pay employees in crypto. This is the future of payroll. “

Surojit Chatterjee, Coinbase

Surojit Chatterjee, Coinbase’s Chief Product Officer, added, “Coinbase’s mission is to increase economic freedom in the world and we applaud UnitedMasters’ efforts to improve 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. “

UnitedMasters, which has worked with NLE Choppa, Lil Tecca, Tobe Nwigwe, Lil XXEL and many others, introduced a new tier of subscription called Select last July, which allows Acts to withhold 100% of their royalties from digital services.

In August 2020, TikTok signed a contract with UnitedMasters for full integration between the two services directly via the TikTok app.Music business worldwide

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