Monero – a private and untraceable digital cryptocurrency – today announced the launch of “Project Coral Reef.” The initiative will allow the millions of fans of some of the top musicians in the world to use Monero to purchase music and merchandise at discounted prices this holiday season.
Over 35 iconic music artists, ranging from Weezer to G-Eazy, are taking part in Project Coral Reef. A full list of participating artists can be found here and attached.
“Cryptocurrencies are fast becoming more popular to make purchases, but not all currencies are created equal and not all are as private and secure as people think. Project Coral Reef is a very important step towards the mainstream adoption of Monero,” said Riccardo “fluffypony” Spagni, lead maintainer of Monero. “For the first time, consumers around the world can use Monero to securely and privately buy their favorite artists’ music and merchandise.”
Alongside the Monero community are key partners supporting the initiative, including payment processor GloBee, leading music merchandising companies Global Merchandising Services and Manhead Merchandise, platinum-selling music artist G-Eazy and other internationally acclaimed recording artists.
“As cryptocurrencies become more popular, it’s important that my fans have choices when it comes to how they buy my songs and merchandise,” said G-Eazy, the Billboard chart-topping rap star from Oakland, California. “Given Monero is one of the safest, most secure and most private cryptocurrencies, it’s one of the best options for my fans this holiday season — and just in time for my new album.”
Project Coral Reef is a Monero community-driven effort to raise awareness and generate mainstream adoption of one of the world’s top secure and private cryptocurrencies. It is the creation of Naveen Jain, a music industry veteran, serial entrepreneur, and evangelist of privacy-focused projects, and Riccardo Spagni, lead maintainer of Monero.
The announcement comes at a time when consumer information has never been more at risk, with recent cyber attacks against companies ranging from Uber to Yahoo! and Equifax.
“Privacy is a basic human right, but that right is being eroded as the companies we trust — banks, payment processors, credit card issuers and other players in the stream of commerce — are hacked or sell our information to the highest bidder.” Jain said. “Projects such as Monero are important defenders of our basic right to privacy, especially as we shop this holiday season. Consumers using Monero can trust that their transaction information will not be hijacked by thieves or commoditized by data brokers.
Monero is an open-source and decentralized cryptocurrency that was created by a community of world class developers, cryptographers, researchers and economists. The digital currency is a highly scalable monetary system that is completely private and secure. Unlike purchases with credit cards or fiat currency, Monero’s unmatched privacy features prevent third parties from targeting, hacking, harvesting and re-selling consumers’ financial data based on their transactions.
Partnerships with forward-thinking companies like Global Merchandise Services, Manhead Merchandise and iconic artists truly represent the potential for a turning point for Monero and privacy-focused digital currency
“Our focus is to create the best environment for fans to engage with their favorite artists’ merchandise and licensed products,” said Christopher Drinkwater, Head of e-commerce for Global Merchandise. “With the emergence of cryptocurrencies as an increasingly popular way for consumers to purchase goods, it makes sense that we partner with a trusted digital currency such as Monero to allow fans to transact with artists in a way in which they have never been able to before.
“As someone on the front lines of the music merchandise business, I know how passionate fans are in supporting their favorite band or artist,” said Chris Cornell, Founder and CEO of Manhead Merchandise. “I also know how much they value keeping their financial information private. Giving fans the option to use their Monero to purchase awesome gear at our artists’ stores this holiday season is a win-win for our artists, and our fans’ right to privacy.”