Is Spotify Going To Start Accepting Crypto?
Spotify has announced that it is seeking an associate director for payments strategy and innovation. And although this may seem like a fairly underwhelming position, wait until you see what the role involves:
“[This role] will play a key part in defining and implementing Spotify’s payments strategy as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset and cryptocurrency space.”
To cut a long story short… it’s fair to assume that Spotify is planning to start accepting cryptocurrencies as payment for subscriptions in the near future.
And given the fact that other responsibilities include “day-to-day engagement with the Libra Association” — now rebranded as the Diem Association — it also seems that the music streaming service is going to be a crucial part of the Facebook-driven stablecoin project.
Indeed, Spotify did announce that it was joining the association back in June 2019. At the time, the company wrote:
“One challenge for Spotify and its users around the world has been the lack of easily accessible payment systems – especially for those in financially underserved markets… In joining the Libra Association, there is an opportunity to better reach Spotify’s total addressable market, eliminate friction and enable payments in mass scale.“
The desired candidate needs to have “experience in developing strategies and solutions in blockchain/digital assets and an appetite to drive participation at a global scale.”
Why this news matters
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Spotify beginning to accept cryptocurrencies would be another big milestone for mainstream adoption — coming hot off the heels of PayPal announcing that it would allow consumers to make payments using BTC, ETH, BCH and LTC at millions of merchants around the world.
After repeated delays, reports have recently suggested that Libra could hit the market imminently… as soon as January. It looks like 2021 is shaping up to be the year when cryptocurrencies could begin to be embraced by the public in a way that wasn’t possible before.
Want to read more?
Back in October, we set out how PayPal’s crypto service will work on CMC Alexandria. Although the platform has gone live in the U.S., it’s only expected to arrive in other markets next year.
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