Monero Accepted By Mariah Carey, G-Eazy and More For Online Shoppingbr>
Privacy-focused cryptocurrency Monero has launched Project Coral Reef, a new online shopping initiative where 45 musicians and five online stores will accept the cryptocurrency as payment this holiday season.
The initiative was created by serial entrepreneur and Monero fan Naveen Jain and Monero lead maintainer Riccardo “fluffypony” Spagni to elevate the awareness and viability of using Monero in everyday consumer transactions.
Project Coral Reef will allow music fans to purchase holiday gifts and merchandise from such iconic music artists as Mariah Carey, G-Eazy, Kaskade, Motorhead, Toby Keith, Fall Out Boy, Backstreet Boys, Sia, Lana Del Rey and more. Customers will also receive a 15 percent discount on each purchase made using Monero (XMR), the ninth largest cryptocurrency, with a market capitalization of $4.5 billion. Currently, the cryptocurrency is trading at around $297.
Moreno has partnered with Shopify, an e-commerce website, to streamline the customer experience. The payment processor involved in making the Monero payments happen is GloBee, where Spagni is currently CEO. Other key partners supporting the initiative include music merchandising companies Global Merchandising Services and Manhead Merchandise.
“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,” said Spagni. “Project Coral Reef is a very important step towards the mainstream adoption of Monero. For the first time, consumers around the world can use Monero to securely and privately buy their favorite artists’ music and merchandise.”
“One of the big challenges I see with cryptocurrencies is lack of acceptance,” said Jain. “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.”
“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 rap star G-Eazy in a statement. “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.”