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- UnitedMasters will now offer artists an option to be paid in the cryptocurrency of their choosing.
- Coinbase partnered with UnitedMasters to provide the offering, the two companies announced.
- UnitedMasters has backing previously from Apple and Google parent Alphabet.
Coinbase and music distributor UnitedMasters have partnered to pay artists in cryptocurrency for their music, the companies said Tuesday.
Artists can choose to be paid in US dollars in full, partly in US dollars, or in the cryptocurrency of their choosing, through Coinbase's payroll product, UnitedMasters said in its press release, adding that artists "can now take part in a more equitable, decentralized and transparent economic system."
"We want to make it easy for every company to pay employees in crypto. This is the future of payroll," said Coinbase Chief Product Officer Surojit Chatterjee.
Last month, Coinbase began allowing users to deposit their paychecks directly into their accounts on the cryptocurrency exchange.
The announcement comes as Bitcoin surged above $57,000, nearing its all-time high price of nearly $65,000.
UnitedMasters is one of the first in the music industry to offer the option, Bloomberg reported. The company, which helps independent artists get their music to fans, launched in 2017. Its founder, Steve Stoute, has since gotten backing for his company from Apple, Google parent Alphabet, and Andreessen Horowitz, Insider previously reported.
UnitedMasters currently partners with brands such as Apple, Bose, AT&T, the NBA, and the NFL, to help artists get noticed. The company has helped musicians such as rapper NLE Choppa, Lil Tecca, and others launch their careers, TechCrunch reported in 2020, noting that UnitedMusicians had more than 400,000 artists.