The decentralized Audius music streaming service has raised nearly $10 million so far.
Binance, the world’s largest exchange of cryptomites, is investing in a major decentralized audio streaming service through its investment and incubation arm.
According to an Oct. 23 announcement, Binance Labs led a $1.25 million extension round for Audius, a blockchain-enabled streaming service that connects music fans to artists.
The latest round of investment follows a $3.1 million round co-led by Multicoin Capital and Bitcoin Hero in July 2020. Major industry players such as Pantera Capital and Coinbase Ventures also participated in the round, as previously announced.
According to Audius co-founder and CEO Roneil Rumburg, the latest rounds bring the platform’s total investment to $9.8 million. Rumburg told the Cointelegraph that he would use the funds to help artists grow and expand their audience base within the system.
Launched in 2018, Audius is a decentralised music sharing and streaming protocol designed to facilitate direct transactions between listeners and artists. Some of the prominent creators enrolled in Audius include Portland’s Portuguese-American musician RAC, Canadian electronic music producer Deadmau5 and American DJ Justin David Blau, better known as 3LAU.
According to the protocol white paper, the Audius protocol is „a mix“ of intelligent contracts on the Ethereum network, while different parts of the protocol are configured to work on different blockchain-based platforms.
On October 8, the start-up launched the platform’s native Audio Coin (ADC) token. The functionality of the token includes security, access to resources and governance. The ADC can be obtained by users to impact future protocol updates.
Developments in crypto and blockchain technologies are attracting more and more artists in the music industry. At the end of September, French DJ David Guetta closed a deal with the virtual reality platform focusing on Sensorium Galaxy encryption.