If you thought Cryptocurrency was a game, think again! It’s taking over so many different avenues, and now it’s made a revolutionary change in the music industry. Earlier today, San Francisco-based company EMPIRE revealed that artists signed to them have options for receiving their advance payments.
According to Billboard EMPIRE, the distribution company and record label founded in 2010 by founder and CEO Ghazi, is now offering artists the option to receive advance payments through Bitcoin via CashApp. This new advance payment system is an option that EMPIRE says will be part of a new way to innovate financial tools for artists. EMPIRE is home to several rappers, including #YungBleu, #42Dugg, the late #KingVon, and others. However, Atlanta rapper #MoneyMan is the first artist to receive a $1 million advance through the decentralized digital currency, equating to just under 15 Bitcoin at current valuation. The equivalent is around $68,000 per digital token.
Ghazi spoke with Billboard about Money Man receiving his advance through Bitcoin. “Money Man is a progressive thinker and has his thumb on the crypto pulse,” he said. “It felt organic to start with him as our first-ever artist to receive an EMPIRE advance in BTC as we begin to innovate financial tools for our partners.”
Money Man celebrated the news on Instagram by sharing a video sitting next to Ghazi on a jet. He didn’t stop there. He also shared a screen recording of his CashApp with the large Bitcoin transaction, with his latest single, ‘LLC’ playing in the background. Over 1,000 people commented on the post, including labelmate Yung Bleu, who dropped several fire emojis. Congrats to Ghazi, Empire, and Money Man for being on the cutting edge of Cryptocurrency!
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