Spotify is exploring the digital asset and cryptocurrency space


We made the latest news on Facebook’s Libra cryptocurrency initiative one of the lead stories in last week’s bulletins, which may have seemed a bit of a niche pick. The initiative, which was renamed Diem shortly afterwards, could finally get its cryptocurrency out in the wild early in 2021, having announced it in June 2019.

One reason it’s interesting to Music Ally is the involvement of Spotify as one of its founding members, with CEO Daniel Ek having suggested that the initiative could eventually enable “allowing users for instance to be able to pay artists directly… a user in Japan might pay a creator in Argentina. And that opens up huge opportunities for how we can further our mission”.

With that in mind, check out this job advertisement for an ‘associate director, payments strategy and innovation’ at Spotify, based in its London office. Well, as based as any job can be in an office in the present times. The role will include leading Spotify’s activity within the Diem initiative, but also…

“You will drive further consideration of new opportunities and innovation in the emerging ecosystem of distributed ledger technology, blockchains, cryptocurrencies, stablecoins, Central Bank Digital Currencies (CBDCs) and other digital assets,” it explains.

It’s no surprise that Spotify is kicking the tyres of blockchain technology: three and a half years ago it first signalled its interest in that area with the acquisition of a startup called Mediachain Labs. Meanwhile, every global digital subscription service (be it music or other things) is watching the crypto / digital payments space carefully at the moment. And in Spotify’s case, hiring someone to figure out exactly what to do with it.

Written by: Stuart Dredge