Spotify plans to roll out crypto services

Written by: Ali Raza
December 4, 2020
  • Spotify is hiring an associate director for its business relating to cryprocurrency.
  • Observers say Spotify may be preparing to offer cryptocurrency services.
  • Prospective candidate utilize the global footprint of the company to look for innovative ways.

The talk of the mainstream getting involved in the cryptocurrency industry has received a boost as major streaming service Spotify, has hinted it may launch crypto services.

The company is looking for an associate director that can take charge of its business relating to cryptocurrency services.

Ideal candidate will handle company’s payment strategies

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As a member of Facebook’s Diem Association, Spotify is hiring an associate director that will oversee innovation and payment strategies in the cryptocurrency area.

The Diem Association was launched by Facebook as a means to launch its ambitious stablecoin Libra. It was initially known as Libra association, but was rebranded by the social media giant to pave way for the launch of Diem (formerly Libra).

The streaming platform says the executive shall be responsible for these tasks as the company seeks global exposure from emerging digital payment systems.

 “You will evangelize the payments strategy & capabilities internally and externally to all key stakeholders,” Spotify explained in the job post.

From the job description, many observers in the industry believe the streaming giant is preparing to launch its crypto service.

Spotify posted the job position yesterday, with specifications on the role of the ideal candidate. According to the job post, the ideal candidate with lead the company’s daily engagements with Diem and will be in charge of Spotify’s other payment strategy. The other payment strategies are its plans in the digital and cryptocurrency industry.

The job advertisement also noted that the prospective associate director will consider new opportunities and innovation in the emerging ecosystem of stablecoins, CBDCs, cryptocurrencies, blockchains, distributed ledger technology, and other digital assets.

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Spotify wants to expand its service offerings

Spotify was launched 12 years ago, and has now become one of the top global music streaming platforms. Presently, the music streaming giant has about 320 million active monthly users. It wants to further expand its services to include other aspects apart from music with podcasts.

Although Spotify didn’t specifically mentioned that it will be launching a crypto service, industry observers are pointing out that crypto service is probably in the agenda for the company. The assertion is drawn from the job description posted for the prospective executive.

According to the description, the prospective candidate for the job will utilize the global footprint of the company to look for innovative ways in the global payment domain. It also mentioned that the right individual will deal with the emerging market and regulatory trends that may influence the company’s approach to payments.