Spotify Backs Revolutionary New Payment System In Collaboration with Libra

Spotify is about to majorly upgrade its payment system, revolutionizing cryptocurrency in music.

 

In collaboration with the Libra Association, Spotify will enable everyone, everywhere, to send, spend and save money through a new financial ecosystem secured by blockchain technology. Facebook‘s Libra was founded to create a simple global currency and financial infrastructure to empower billions of people — and Spotify will help cultivate that same power.

As Spotify explains, Libra offers a massive opportunity for simple, convenient, and safe payment over the internet. In particular, for 1.7 billion adults worldwide that don’t have easy access to mobile money, a bank account, or a payment card.

Alex Norström, Spotify’s Chief Premium Business Officer, further explains:

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. This creates an enormous barrier to the bonds we work to foster between creators and their fans. 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.

Libra is expected to take effect within the next 6 – 12 months. Visit Libra.org for information about the Association, its Network, and currency.

“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.” — Chief Premium Business Officer Alex Norström https://t.co/DWu5Z1sgWt

— Spotify News (@SpotifyNews) June 18, 2019

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