45 Music Stars Support Monero in Project Coral Reef

Monero has kicked off Project Coral Reef, an initiative allowing users to enjoy discounts from certain online shops and 45 musician stores. The announcement drove the XMR price up by over 30%.

Monero has revealed that 45 music stars and five online retailers will accept its XMR token this holiday season, Forbes writes. Those who choose to pay with Monero will enjoy discounts and other bonuses. The initiative has been called Project Coral Reef, and it mostly offers 15% discounts to Monero users. The list of artists includes Slayer, B-52, G-Easy, Lana Del Rey, Sia, Backstreet Boys, Scorpions, and Mariah Carey. 

Founded in 2014, Monero is a cryptocurrency known for its privacy and scalability. It hides the sender and recipient in each transaction on its blockchain. Monero users are thus more difficult to track when compared to Bitcoin and other popular cryptocurrencies. 

Monero’s recent announcement pushed its price up, leading to gains of over 30% in two days. XMR rose from $200 on December 4 to $294 at the time of writing. 

With a $4.5 billion market capitalization, Monero is now the ninth largest cryptocurrency, but it can surpass Bitcoin Gold in a few hours and reach the eighth position as there is a slight difference between the two. 

Rapper G-Eazy said:

“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.”

The plan was hatched by Naveen Jain and Riccardo “fluffypony” Spagni and funded by almost 200 anonymous contributors. Naveen Jain is a Monero fan and wanted to increase awareness of the cryptocurrency. He said: 

“One of the big challenges I see with cryptocurrencies is lack of acceptance. 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.”

Spagni, Monero’s lead maintainer, noted in an online statement that cryptocurrencies are increasingly used for online purchases but they provide different features, and not all of them are as private as some believe. He added that Project Coral Reef was a significant step towards the wider adoption of Monero. 

With Project Coral Reef, Monero users will also enjoy discounts at stores like Shopify, Magento, and WooCommerce. 

Some musicians have previously flirted with cryptocurrencies. We reported about Bjork’s announcement that everyone who buys her album Utopia would also get 100 AudioCoins. 

Ghostface Killah supported an ICO that was eventually suspended.