Audio streaming giant Spotify joins Crypto space

Spotify joins crypto space. It is allegedly planning to add cryptocurrency payments and extend its representation in the Libra Association.

By · Dec 5, 2020 . 6min read

Spotify joins Crypto space latest news

Cryptocurrencies have garnered the attention of the wider FinTech space, especially after the release of Facebook’s Libra, now called “Diem,” and the Chinese CBDC launch. Recently, Spotify joins the crypto space. Spotify has posted a job opening to hire an associate director of payments strategy and innovation, the details pointing towards venturing into the crypto space. The sought candidate will play a prominent role in driving the company’s payments rudder via the cryptocurrency ecosystem.

The Associate Director’s role involves managing Spotify’s activity in the Libra stablecoin project and broader digital asset & cryptocurrency space. This, in accordance with the job listing. The new personnel will be accountable for engaging with the Libra Association, describing Spotify’s membership in the consortium. However, recently Libra rebranded to Diem. The qualified individual would communicate with the Director of the same team. The candidate will be useful in gaining a significant position for the combination of cryptocurrency payments.

Spotify’s Associate Director to lead daily engagement with the Libra Association

The objective behind Spotify joining the crypto space is to discuss the company’s policies of allowing new monetization opportunities’ for music creators. Additionally, Spotify desires its platform’s availability to a broader section of potential users. Moreover, Spotify aims to instill all the most advanced fintech trends in their payments strategy. This includes cryptocurrencies. Thus, users from all sections of society can participate in the music streaming platform.

One of the assigned roles of the incoming Associate Payments Strategy Director would be to manage Spotify’s day-to-day engagement with the Libra Association. This is in regards to the continuous engagement of the company with Facebook’s digital currency project. Besides, the company is contemplating to leverage all the blue-chip aspects of the blockchain and cryptocurrency space. Further, this includes stablecoins and Central Bank Digital Currencies (CBDCs). It additionally plans to streamline its development to the most advanced payment methods accessible in the financial market at the moment.

Spotify actually aims to promote its status as a market leader in the payments sector, the website said. Spotify is the world’s famous audio streaming platform with over $320 million user base. Moreover, its users utilize the app by subscriptions recently charged through conventional payment methods, like credit cards or wire transfers.

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