Spotify Gearing Up to Support Facebook’s Rebranded Cryptocurrency, Diem

Spotify crypto
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Spotify crypto
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Photo Credit: Bermix Studio

Spotify is hiring new talent to help it accept crypto currencies like Facebook Diem.

Spotify plans to beef up its payments team to prep itself for the oncoming digital currency age. The Facebook-backed Diem crypto stablecoin project is slated to launch in some form in 2021. The project was formerly known as Libra before it ran afoul of SEC regulators. The crypto coin is now a stablecoin – a type of crypto pegged to another currency, in this case, the U.S. dollar.

Spotify now has two Associate Director positions open in its Payments division. One position focuses on Strategy & Innovation, while the other is on Strategy & Planning. The innovation-centric role specifically mentions the Facebook Diem stablecoin by name – as well as other digital currencies.

“This role will report to the Director, Payments Strategy & Innovation and will play a key part in defining and implementing Spotify’s payments strategy, as well as leading Spotify’s activity within the Libra stablecoin project and wider digital asset & cryptocurrency space,” the job description reads. The position will be based in London or Stockholm.

The role will lead day-to-day engagement with the Libra Association and other cryptocurrency teams. “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.”

The referenced Libra project in these job descriptions refers to Facebook’s newly rebranded Diem crypto.

Facebook made the announcement on Tuesday that the Libra Association will be rebranded to the Diem Association. That initiative says it will continue to pursue its mission of building a safe, secure and compliant payments system for people around the world. A limited release of the Diem stablecoin is planned for release in early 2021.

That report notes that Spotify and Uber could be on board as companies to support the Diem payment method. Both companies are listed as taking a ‘wait-and-see’ approach to Diem’s launch and its adoption rates. There are already several stablecoins like USDC that are inking deals with Visa with a proven and tested blockchain.

So far, Spotify hasn’t commented on its plans regarding support for Diem and other cryptocurrencies. Digital currencies are becoming more mainstream as traditional payment platforms begin dabbling. Both PayPal and Square’s Cash App now offer their users the chance to buy and hold their favorite cryptocurrencies. The next logical step in that chain is spending that crypto without converting it into USD at merchants like Spotify.

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