This week, we signed a LOI with Bidali to develop a gateway that will allow artists on Choon to ‘cash out’ their NOTES directly into a wide range of immediately usable gift vouchers from companies including Amazon.com and many more.
Getting funds out of the cryptocurrency economy into easily spendable fiat currency is a age-old challenge that has encountered many road-bumps, including earlier this year, when a number of promising crypto to credit card projects lost their ability to use the Visa network.
Bidali’s solution is remarkably simple. Users can send Bidali the cryptocurrency or token of their choice and immediately exchange it for gift cards at hundreds of different merchants. We tested the system: just minutes after sending our ETH, we had an Amazon.com code, and were able to spend it right away.
Choon is unique in the cryptocurrency space in that we have many users who aren’t familiar with the intricities of moving around funds in the blockchain economy. For those users, the original process of ‘cashing out’ NOTES will be laborious, requiring ETH wallets, Metamask / Mist and at least one exchange account, possibly two, which often come with long-winded verification processes.
When implemented, Bidali’s NOTES solution will allow artists to send NOTES from their Choon wallets to Bidali and immediately receive gift-vouchers with no need for browser plugins, ETH wallets, or exchange accounts.
Prior to implementation, NOTES will need to be fairly liquid. We anticipate to have a live solution within a 3–6 month time frame.
We’re committed to aggressively expanding our catalog, which is currently increasing by over 200 tracks a day. Whilst we already have the largest song catalog of all the crypto-music services, providing artists with a straightforward way to be paid for their art will continue to make Choon the most attractive option for new artists who own their own music.
The Choon Token Sale opens on July 2nd.
https://www.choon.co/tokensale/
The Choon Team.
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Bit late to respond on this post but thanks for your hard work on the Choon service, sir! Been on for a few days and as an independent artist who has had every sort of deal possible in the industry, Choon seems about as promising an endeavor as I've seen in terms of fairness and forward-thinking. The ability to smart-contract royalty splits has already led to one collaboration I'll be launching on their with Juxta in the coming month.
Regarding NOTES, I'm guessing ya'll are still going to facilitate cashing into ETH one way or another? Do you have exchanges lined up to accept NOTES for the September date you outlined in your Medium post (when NOTES go "live" so to speak).
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