Raftaar becomes the first Indian artist to accept cryptocurrency instead actual currency as his performance fee.

Famous rapper Raftaar becomes the first Indian artist to accept cryptocurrency instead of actual currency as his performance fee.

Raftaar told that he has a keen interest in blockchain technology and accepting payment using the same technology is like a dream come true for him. The rapper has already started accepting crypto payments for his forthcoming show scheduled to be held in July.

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Raftaar’s long time business partner and manager Ankit Khanna is making arrangements for accepting cryptocurrency as his performance fee.

Ankit Khanna said that, “In my opinion, music will be one of the first industries to be completely and thoroughly disrupted through the blockchain. The artist can now go directly to the public in every single way without the need of middlemen. Blockchain has the potential to expedite a seamless experience for anyone involved with generating or interacting with music. I'm happy to welcome this new transactional paradigm with my longtime business associate Raftaar who truly is a pioneering voice of this new generation.”

Crypto currency is a digital currency; the transactions made through this chain are verified and the records are maintained by a decentralized system using cryptography, rather than by a centralized authority.

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The demand for cryptocurrency has been witnessing an increase in the past few years. The craze has been aided by the constant support on social media from tech billionaire Elon Musk.

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“Nevertheless, I’ve finally taken the baby steps in this direction and all the credit goes to my manager, Ankit Khanna for making this dream a reality for me," said Raftaar.

Global artists like Backstreet Boys, 50 Cent, Mariah Carey, G-Eazy, Sia, Fall Out Boy, and Lana Del Rey among others are accepting their performance fee in cryptocurrency instead of actual currency.