Spotify To Back New Facebook Cryptocurrency [REPORT]

Labels, publishers and artists may soon have the option of receiving streaming royalties in cryptocurrency, as Spotify is reportedly one of the early backers of Facebook's cryptocurrency initiative.

Cryptocurrency could solve many of the issues that a company like Spotify has when paying tens of thousands of rights holders in dozens of currencies and then tracking those transactions.

According to leaked marketing materials obtained by The Block, Spotify has joined the likes of Via, Uber, Mastercard, PayPal, Andreessen Horowitz and Union Square Ventures in investing a reported $10 million each in the launch of Facebook''s cryptocurrency.