Becky G offers $500,000 worth of Bitcoin to fans via Cash App
MBW’s Stat Of The Week is a series in which we highlight a single data point that deserves the attention of the global music industry. Stat Of the Week is supported by Music Group Fivea technology-driven record label, distribution and rights management company.
The last time we wrote about Cash App was when the mobile payment platform was used by EMPIRE to pay Money Man a $1 million advance in Bitcoin.
This transaction, carried out in November 2021, was supposed to mark the first advance paid entirely in Bitcoin to an artist, by a record company.
This week brings more news of Cash App being used by a music industry personality to distribute payment in Bitcoin, but this time that payment is made by an artist to her fans.
Becky G revealed on social media on Wednesday June 8 that she has partnered with Cash App to donate $500,000 value of Bitcoin to its fans.
The giveaway is sponsored by Cash App owner, Block (formerly Square). Block also owns music streaming platform Tidal.
The announcement states that fans will be required to post comments on Becky G’s social media with their so-called $Cashtag (their unique payment identifier for Cash App) as well as the hashtag #ESQUEMAS.
Winners will be randomly selected, each taking home an average of $10 and $100, or approximately 27,500 Bitcoin winners via Cash App.
According to rules of the contest, which is only available to residents of the United States, 25,000 people will each win a prize of $10 in Bitcoin “at the then prevailing exchange rate” and 2,500 people will each win a prize of $100.
The partnership coincides with the release of Becky G’s single, BAILED CON MI EX on his new album ESQUEMAS.
Cash App’s partnership with Becky G marks the payment platform’s latest move into the music industry and follows the start of its Cash App Studios creator investment initiative in October.
“I’m thrilled to partner with Cash App for this Bitcoin giveaway.”
Becky G said, “I’m thrilled to partner with Cash App for this Bitcoin giveaway.
“I’m so grateful to my fans, who continually support me through it all – it’s a priority for me to find times where I can give back to them and match their efforts as much as possible.”
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