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Spotify is hiring new talent to help it accept crypto currencies like Facebook Diem.
Spotify plans to strengthen its payments team to prepare for the upcoming digital currency era. The Facebook-backed Diem crypto stablecoin project is expected to launch in some form in 2021. The project was formerly known as Libra before it came into conflict with SEC regulators. The cryptocurrency is now a stablecoin, a type of cryptocurrency pegged to another currency, in this case, the US dollar.
Spotify now has two Associate Director positions open in its Payments division. One position focuses on Strategy and Innovation, while the other is on Strategy and Planning. The innovation-centric role specifically mentions Facebook Diem’s stablecoin by name, as well as other digital currencies.
“This role will report to the Director, Payment Strategy and Innovation and will play a key role in defining and implementing Spotify’s payment strategy, as well as leading Spotify’s business under the Libra stablecoin project and a broader space of digital assets and cryptocurrency, “the job description reads. The location will be based in London or Stockholm.
The role will lead daily engagement with the Libra Association and other cryptocurrency teams. “You will foster further consideration of new opportunities and innovation in the emerging ecosystem of distributed ledger technology, blockchain, cryptocurrencies, stablecoins, central bank digital currencies (CBDCs) and other digital assets.”
The Libra project referenced in these job descriptions refers to the recently renamed Facebook’s cryptocurrency Diem.
Facebook announced Tuesday that the Libra Association will be renamed to the Diem Association. This initiative says it will continue to pursue its mission of building a safe, secure and compliant payment system for people around the world. A limited version of the Diem stablecoin is slated for release in early 2021.
That report notes Spotify and Uber may be on board as a company to support the Diem payment method. Both companies have a “wait and see” approach to Diem’s launch and its adoption rates. There are already several stablecoins such as USDC that are signing agreements with Visa with a tried and tested blockchain.
So far, Spotify hasn’t commented on its plans regarding support for Diem and other cryptocurrencies. Digital currencies are becoming more popular as traditional payment platforms start to dabble. Both PayPal and Square’s Cash app now offer their users the ability to buy and hold their favorite cryptocurrencies. The next logical step in that chain is to spend that cryptocurrency without converting it to USD at merchants like Spotify.
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