Binance, the major cryptocurrency exchange, is leading a $1.25 million extension round for Audius, a blockchain-enabled streaming service, which connects music fans with artists.
It has been reported that Roneil Rumburg, the Co-founder and CEO of Audius, said that the latest rounds bring the platform’s total investment up to $9.8 million.
However, Rumburg said that it will use the funds to help artists grow and expand their listener base within the system.
The report stated that the latest investment round follows a $3.1 million round co-led by Multicoin Capital and Blockchange Ventures in July 2020. As previously announced, major industry players like Pantera Capital and Coinbase Ventures also participated in the round.
.@BinanceLabs has made a strategic investment in @AudiusProject. Audius is a decentralized streaming protocol giving everyone the freedom to distribute, monetize, and stream any audio content.https://t.co/1djbBUN0m6 — Binance (@binance) October 23, 2020
Launched in 2018, Audius is a decentralized music-sharing and streaming protocol designed to facilitate direct transactions between listeners and artists. Some prominent creators signed up for Audius include Portland-based Portuguese-American musician RAC, Canadian electronic music producer deadmau5, and American DJ Justin David Blau, known as 3LAU.
The Audius content ledger is the “amalgamation” of smart contracts on the Ethereum network, while different parts of the protocol are set to be running on different blockchain-based platforms.
Likewise, on October 8, the startup launched the platform’s native Audius token (AUDIO), where the token’s functionality includes security, feature access, and governance.
Also, AUDIO can be earned by users to impact future protocol upgrades.
Developments in crypto and blockchain technology are attracting more and more artists in the music industry.
Thus, in late September, French DJ David Guetta secured a deal with crypto-focused virtual reality platform Sensorium Galaxy.