A group of well-known musicians including Mariah Carey, Marilyn Manson and more has begun accepting the privacy-oriented cryptocurrency monero.
The list of more than 40 top recording artists – Slayer, Weezer, G-Eazy, Sia and Fallout Boy are among those also included – comes as part of "Project Coral Reef," which was put together by entrepreneur Naveen Jain and monero lead maintainer Riccardo "Fluffypony" Spagni.
The online shopping initiative lets users buy albums and merchandise at a discounted cost, including 15 percent reductions on items from Carey's store as well as those for Mötorhead, Alice Cooper and others.
"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 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," rapper G-Eazy said in a statement.
As of this morning, XMR was trading at roughly $224 with a market capitalization of roughly $3.4 billion, according to data from CoinMarketCap.
Those behind the Project Coral Reef project are betting that the currency's privacy features will make it more attractive for mainstream users, particularly in light of major data breaches like the one reported by Equifax earlier this year.
"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," Spagni said in a statement.
Mariah Carey image via Everett Collection/Shutterstock.com
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish group, owner of Bullish, a regulated, institutional digital assets exchange. Bullish group is majority owned by Block.one; both groups have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.