Spotify CEO thinks Libra could be used to pay artists directly

Spotify CEO Daniel Ek believes Facebook’s recently announced Libra coin could be used to pay music artists directly in the future.

The world was set abuzz this week when Facebook released the white paper for its long-rumoured cryptocurrency known as Libra.

Upon its release, it was revealed that multiple mainstream behemoths from various industries have already signed up to be involved, including the popular music streaming platform Spotify.

Some other notable companies involved in the project include Mastercard, PayPal, Visa, Booking Holidays, Lyft, Uber Technologies, Coinbase, Andreesen Horowitz, and eBay.

During a recent interview for Spotify’s ‘Culture: Now Streaming‘ podcast, the CEO of the platform – Daniel Ek – alluded to the possibility of paying music artists directly using the Libra coin.

He said: “The most important thing is it [Libra] will enable paying for things digitally in many of the places around the world where those kind of methods just doesn’t exist. A service like Spotify, you can imagine what would happen by allowing users, for instance, to be able to pay artists directly.

“That can open up massive opportunities where all of a sudden a user in Japan might pay a creator in Argentina. And that opens up huge opportunities for how we can further our mission.”

It is interesting to see the Spotify CEO suggest this is a possibility since it opens drastically new avenues for the platform going forward.

It would also help push for more mainstream adoption as Spotify’s entire user base would be exposed to cryptocurrency, giving people the ability to support their favourite artists using crypto.

Interested in reading more about Facebook’s Libra coin? Discover more about how it is aiming to transition into a permissionless blockchain within five years.