Money Matters

Cryptocurrency Monero To Be Accepted By 45 Musicians Such As Mariah Carey, G-Eazy, Sia For Holidays

(Source: www.forbes.com)

In a year that has seen some parts of the traditional financial world embrace Bitcoin, it’s only fitting that other, less buttoned-up industries would take up cryptocurrency as well.

In that vein, Monero announces that 45 musicians, plus five other online stores, will be accepting the privacy coin this holiday season and offering discounts to those paying in the cryptocurrency.

The full list covers a wide range of artists, from Weezer to G-Eazy, from Slayer to the B-52s, from Dolly Parton to Morrissey.

Other big name artists include Backstreet Boys, Dixie Chicks, Kaskade, Lana Del Rey, Lumineers, Marilyn Manson, Motley Crue and Sia. A complete list can be found here.

Monero is currently the ninth largest cryptocurrency, with a market capitalization of $3.5 billion; it has a price of $226.

“As cryptocurrencies become more popular, it’s important that my fans have choices when it comes to how they buy my songs and merchandise,” said rap star G-Eazy in a statement. “Given Monero is one of the safest, most secure and most private cryptocurrencies, it’s one of the best options for my fans this holiday season — and just in time for my new album.”

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The inspiration for the initiative, called Project Coral Reef, came from serial entrepreneur and Monero fan Naveen Jain who has worked with many of the artists. “One of the big challenges I see with cryptocurrencies is lack of acceptance,” he said in an interview in San Francisco. “There’s a really significant Monero community that doesn’t have a lot of opportunity to spend their Monero on things that are really cool and exciting. This product solves that problem. There’s also a challenge of just raw awareness of Monero, so it’s the start of that initiative.”

Riccardo Spagni (a k a “fluffypony”), lead maintainer of Monero, added, “If rabid music fans can get a unique item that they can only get with Monero or save 5% on their purchase, they’ll jump through the hoops to get that.”

The initiative may mark one of the first times that stores appealing to mainstream consumers accept Monero, which is best-known for being used for dark web purchases. While many crypto investors believe privacy coins have the potential to become in demand, so far, one of their main constituencies is people who intend to purchase illegal goods.

“Cryptocurrencies are fast becoming more popular to make purchases, but not all currencies are created equal and not all are as private and secure as people think. Project Coral Reef is a very important step towards the mainstream adoption of Monero,” said Spagni in a press release. “For the first time, consumers around the world can use Monero to securely and privately buy their favorite artists’ music and merchandise.”

To make the initiative possible, the team had to work with ecommerce payment site Shopify which currently accepts Bitcoin. The payment processor will be GloBee, where Spagni serves as chief executive.

The organizers said that Project Coral Reef was also a bet that people wanted to have more private transactions in the wake of breaches at stores like Target, Home Depot, and with credit bureau Equifax.

This isn’t the first time musicians have made waves by working with cryptocurrency. Earlier this fall, Bjork announced each purchaser of her next album would receive 100 AudioCoins, and Ghostface Killah backed an initial coin offering, Cream Capital, that later decided to suspend its sale indefinitiely.

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More Info: www.forbes.com

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