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Binance VC arm leads $1.3M raise for decentralized streaming protocol

Binance VC arm leads $1.3M raise for decentralized streaming protocol

Binance, the world’s largest cryptocurrency trade, is funding a serious decentralized audio streaming service by means of its funding and incubation arm.

In line with an Oct. 23 announcement, Binance Labs led a $1.25 million extension spherical for Audius, a blockchain-enabled streaming service that connects music followers with artists.

The newest funding spherical follows a $3.1 million spherical co-led by Multicoin Capital and Blockchange Ventures in July 2020. Main trade gamers like Pantera Capital and Coinbase Ventures additionally participated within the spherical, as beforehand introduced.

In line with Audius Co-founder and CEO Roneil Rumburg, the newest rounds brings the platform’s complete funding as much as $9.Eight million. Rumburg advised Cointelegraph that it’ll use the funds to assist artists develop and increase their listener base throughout the system. 

Launched in 2018, Audius is a decentralized music-sharing and streaming protocol designed to facilitate direct transactions between listeners and artists. Some outstanding creators signed up for Audius embody Portland-based Portuguese-American musician RAC, Canadian digital music producer deadmau5, and American DJ Justin David Blau, higher referred to as 3LAU.

In line with the protocol’s white paper, the Audius content material ledger is the “amalgamation” of good contracts on the Ethereum community, whereas totally different elements of the protocol are set to be working on totally different blockchain-based platforms.

On Oct. 8, the startup launched the platform’s native token referred to as Audio Coin (ADC). The token’s performance consists of safety, characteristic entry and governance. ADC will be earned by customers to influence future protocol upgrades.

Developments in crypto and blockchain expertise are attracting increasingly more artists within the music trade. In late September, French DJ David Guetta secured a cope with crypto-focused digital actuality platform Sensorium Galaxy.

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