ChangeTip has added SoundCloud to its growing list of supported social media channels, allowing users to reward appreciated content with cryptocurrency-powered tips.
Berlin-based SoundCloud is an online audio distribution platform allowing users to create and share their originally-created sounds. The platform incorporates social media features, including the ability to share content, create and join groups, and follow other users. It reportedly has over 175 million unique monthly listeners.
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ChangeTip allows social media users to express their appreciation with tips, which are transmitted as digital currency but expressed in one of ten fiat currencies. It seeks to make it quick and economically sensible to conduct microtransactions over the web, something which traditional fiat-based mechanisms generally do not allow. Users can package amounts in the form of commonly tipped items, such as a beer or coffee. Late last year, the startup raised $3.5 million. SoundCloud becomes its 12th supported social channel.
The announcement noted how street performers can benefit from the new feature. Onlookers who may be short on change will be able to tip using their mobile device. In addition, young talent may be able to more easily secure donations.