EMPIRE just paid a $ 1 million advance to an artist in Bitcoin via the Cash App

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We have already noticed how the music industry is becoming ever closer to the world of cryptocurrencies.

UnitedMasters, now valued at $ 550 million, recently struck a deal with Coinbase to allow independent artists to get paid in cryptocurrency For instance.

Meanwhile, HYBE, the Korean publicly traded music company behind K-pop stars BTS, has just announced a joint venture with fintech firm Dunamu, which operates a crypto exchange called Upbit.

This week we learn that the independent US label, distributor and publisher Blockchain, out on Friday (November 12).

EMPIRE says his payment to Money Man marks the first advance paid entirely in Bitcoin to an artist by a record label.

Founder and CEO Ghazi Shami posted a video of the transaction on artists projects.

According to the press release announcing the news, Money Man “redeemed himself from his previous contract with the record label through the earnings from his first investments in Bitcoin”.

Speaking on a panel called “Pay Me In Bitcoin” at the Bitcoin Conference in June, Money Man explained that “around 2014 when [he] I heard about it for the first time [he] started investing early “.

Added Money Man: “It was only a few hundred dollars, and it skyrocketed then [now] many times, I get paid for functionality in Bitcoin. “

Shami founded San Francisco-based EMPIRE in 2010, and the company has played a key role in launching the careers of multiple Grammy Award-winning artists such as Kendrick Lamar, Cardi B, DRAM and Anderson .Paak.

According to EMPIRE, its “software for distribution, analysis, recovery and royalties, has offered an unprecedented level of transparency in the music industry since it was founded in 2010”.

“Ultimately, the peer-to-peer nature of [Bitcoin] and how quickly you can get money from someone is the most important thing. that’s why I’m investing a lot of time and energy in it “.

Ghazi Shami, speaking at the Bitcoin Conference in June

Speaking on the same panel in June, and commenting on the use of Bitcoin in the music industry, Ghazi Shami, said: “From my point of view, it was about efficiency, speed, [and] transparency.

“[The] the traditional financial sector is a nine to five or nine to six sector and the music business is a 24/7 operation. I have always found it quite absurd that if I closed a record deal on Friday, I would not have could have paid someone until Monday by bank transfer or ACH transfer.

Shami added: “We are also moving in a direction where we make thousands upon thousands of micropayments every month for… artist deals, royalty splits. It felt natural to me to be able to move to a transparent system.

“With the efficiency of the blockchain ledger [and] speed, you could pay someone on the other side of the globe in 30 seconds. I don’t need to get their BIC number, their Swift number, their routing number, their account number, [or] their address.

“Ultimately, the peer-to-peer nature and how quickly you can get money for someone is the most important thing and that’s why I’m putting a lot of time and energy into it.”

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