Binance (BNB) Invests $1.3 Million in a Decentralised Streaming Platform

Wed 27 Jan 2021 ▪ 19h00 ▪ 3 min de lecture - par Guillaume Lallemant

The blockchain is bringing new tunes to the music industry with the audio streaming platform Audius (AUDIO).

Changpeng Zhao may have wanted to become a producer or DJ as a child: Binance (BNB) has invested more than $1 million in Audius.

A $10 million Audius

Funding cycles for the decentralised audio streaming platform Audius have raised nearly $10 million.

The latest has seen the Binance Exchange wade in through its branch dedicated to investments and incubations.

According to a press release from 23rd October 2020, Binance contributed $1.25 million to the final round of investment.

Multicoin Capital and Blockchange Ventures  both invested $3.1 million in July 2020.

Other major players, such as Pantera Capital and Coinbase Ventures also invested into Audius during these financing rounds.

Audius CEO and co-founder Roneil Rumburg said the funds will be used to help artists broaden their audience.

Good music on Ethereum

Created in 2018, Audius is a decentralised audio streaming platform designed to facilitate transactions between listeners and artists.

Audius was designed by renowned creators in the music industry: The Portland-based Portuguese-American musician RAC, Canadian producer Deadmau5 and American DJ Justin David Blau.

The project white paper states that Audius’ content registry is the result of the merger of intelligent contracts on the Ethereum blockchain (ETH) and various elements of the protocol working on other blockchains.

Audius launched its native token, AUDIO, in early October 2020. The token provides access to security features and other settings, and allows holders to participate in governance of the platform.

Blockchain technology is attracting more and more players in the music industry. David Guetta recently partnered with the virtual reality platform Sensorium Galaxy.

$10 million raised: an amount that certainly sounds like a sweet melody to the ears of Audius’ executives. Is AUDIO also intended for speculation, in addition to its role as a governance token? The platform must now avoid the wrong notes to attract as many users as possible for its token. Ethereum is never far away when it comes to projects with real utility. More details are expected in the near future, as well as the range of services Audius will offer.

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Guillaume Lallemant

Originaire de Belgique, écrire est une passion. Depuis 5 ans maintenant, j'ai compris que la blockchain changerait radicalement nos vies, et je voulais absolument partager mes recherches avec vous !

DISCLAIMER

Les propos et opinions exprimés dans cet article n'engagent que leur auteur, et ne doivent pas être considérés comme des conseils en investissement. Effectuez vos propres recherches avant toute décision d'investissement.

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