Although most cryptocurrency enthusiasts have been keeping an eye on bitcoin’s meteoric rise, various altcoins have been stepping up to the plate this year. Among them, Monero, a privacy-focused cryptocurrency that recently revealed 45 musicians, plus five other online stores, will be accepting it as payment this holiday season.
The online shopping initiative, dubbed Project Coral Reef, essentially allows music fans to purchase merchandise from 45 different artists, including Mariah Carey, G-Eazy, Motorhead, Sia, Fall Out Boy, and more.
According to Forbes, the inspiration for Monero’s Project Coral Reef came from serial entrepreneur and Monero supporter Naveen Jain, who’s worked with many of the artists that now accept the cryptocurrency. In an interview, he stated:
“One of the big challenges I see with cryptocurrencies is lack of acceptance. There’s a really significant Monero community that doesn’t have a lot of opportunity to spend their Monero on things that are really cool and exciting. This product solves that problem. There’s also a challenge of just raw awareness of Monero, so it’s the start of that initiative.”
The project’s organizers said it’s also a bet on people wanting to have more private transactions, in the wake of various security breaches in organizations throughout the world. The move is significant, as Monero is usually seen as the cryptocurrency used by those who want to purchase illegal good on the dark web.
The project was launched in partnership with e-commerce payment website Shopify and payment processor GloBee in which Riccardo “Fluffypony” Spagni, a lead Monero maintainer, is chief executive. Some of the stores will provide customers with discounts up to 15%, effectively helping Monero’s usage.
In a statement, rap star G-Eazy said:
“As cryptocurrencies become more popular, it’s important that my fans have choices when it comes to how they buy my songs and merchandise. Given Monero is one of safest, most secure and most private cryptocurrencies, it’s one of the best options for my fans this holiday season.”
Monero is currently the ninth biggest cryptocurrency by market cap, as it currently has a $4.39 billion market cap. At press time, the cryptocurrency is trading at $261.77, and is up 10.34% in the last 24-hour period. According to data from Cryptocompare, it is up nearly 60% in the last seven days.
Regarding the cryptocurrency’s project, Fluffypony stated that cryptocurrencies are becoming an increasingly popular purchasing method and that Project Coral Reef is “a very important step towards the mainstream adoption of Monero.” Per Fluffypony, consumers throughout the world can now, for the first time, use Monero to securely and privately buy their favorite artists’ merchandise and music.
Notably, this isn’t the first time musicians make waves by accepting cryptocurrencies for their work. As reported by Core Media, Bjork announced earlier this year that each purchaser of her next album would receive 100 AudioCoins, and it was available in four different cryptocurrencies.