Binance, the largest cryptocurrency exchange in the world, finances a large decentralized voice streaming service through its investment and incubation department.
According to the announcement on October 23, Binance Labs has completed a $ 1.25 million extended tour for Audius, a blockchain-enabled streaming service that connects audio files with artists.
The latest investment round follows the $ 3.1 million round led by Multicoin Capital and Blockchange Ventures in July 2020. As previously announced, the round also had major industry players such as Pantera Capital and Coinbase Ventures.
According to co-founder and CEO of Audius Roneil Rumburg, from recent rounds, the total investment in the platform was $ 9.8 million. Rumburg told the Cointelegraph that he will use the funds to help artists grow and expand the listener base on the system.
Audius, launched in 2018, is a decentralized sharing and streaming protocol for music designed to facilitate direct transactions between listeners and artists. Several notable creators have signed up for Audius, including the Portuguese-based Portuguese-American RAC, the Canadian electronic music producer Deadmau5 and the American DJ Justin David Blau, better known as 3LAU.
According to the official protocol document, Audius’ content register is a “consolidation” of smart contracts on the Ethereum network, while different parts of the protocol are configured to run on different blockchain-based platforms.
On October 8, the startup launched the platform’s original token known as Audio Coin (ADC). Token functionality includes security, access to features and control. Users can earn ADC to influence future protocol updates.
Advances in cryptography and blockchain technology are attracting more and more artists in the music industry. At the end of September, French DJ David Guetta entered into an agreement with the encryption-focused Sensorium Galaxy virtual reality platform.