Jack Dorsey’s payments company Square will acquire Jay Z’s music service to popularize blockchain, crypto and generate new forms of payment for music content.
Reuters has reported that Square, founded and run by Twitter CEO Jack Dorsey, is buying a major stake in music streaming service Tidal owned by rapper Jay Z.
Square will pay $ 297 million for that and intends to make cryptocurrencies and blockchain more popular with music lovers and artists.
Supporting the work of artists through blockchain and crypto
In a statement, Jack Dorsey said that the idea behind this large investment is to generate new ways to support the work of artists. Square and Tidal will work together on new ways to “bring fans together,” integrate merchandise sales and create new financial tools for artists.
A Gartner tech analyst Avivah Litan thinks Square and Tidal are likely to use blockchain and cryptocurrencies to bring their new ideas to life.
This can include non-fungible (NTF) tokens that use digital signatures to show who owns particular videos, photos, and other types of online media.
NTFs could also help track the provenance of memorabilia and autographs.
Dorsey and Jay Z created a fund for Bitcoin developers
As U.Today previously reported, on February 12, Dorsey announced that he and Jay Z would create a $ 23.6 million trust to support Bitcoin developer teams based primarily in India and Africa.
At the time, the trust was looking for three board members. The Twitter CEO specified that the trust would not take any direction from him or Jay Z when deciding how to spend the money to support the development of Bitcoin.
The ultimate goal of the trust is to convert Bitcoin into the currency of the internet.