Indie music multi-hyphenate EMPIRE is offering artists the option to receive advances in Bitcoin through Cash App, the company announced Tuesday , with the first artist to receive an advance that way being Money Man.
According to the company, Money Man took a $1 million advance through the decentralized digital currency, which equates to just under 15 Bitcoin at current valuation, or the equivalent of around $68,000 per digital token.
This new advance payment system is one option that EMPIRE says will be part of a new way to “innovate financial tools” for those artists it works with.
This announcement follows a growing trend of music companies announcing they will either accept Bitcoin as payment, as Beatport recently has, or pay royalties in Bitcoin, as Prescription Songs just did.