The Blockchain incubator Binance Labs was the main investor in Audius’ decentralized streaming protocol, which raised $1.25 million in funding.
The startup is developing a platform to distribute, broadcast and monetise audio content.
Audius has an audience of 750,000 active users. Every Corona Millionaire month the platform produces more than one million strips with 100 thousand tracks.
Native AUDIO token is designed to ensure the security of the platform. It provides access to service management and its additional functions, such as closed content and artist tokens.
“We want to create a future of streaming in which artists can monetise their creativity and active users can participate in the development of the platform,” says the Audius team.
In order to promote the ideas of decentralisation more actively, Audius has started collaborating with popular DJs such as deadmau5, 3LAU and RAC.
“Binance supports Audius in its pursuit of mass acceptance of the cryptovite and blockbuster,” said Wei Zhou, head of Binance Labs.
The funding raised will allow developers to develop the project concept and launch new functions in the coming months.
In August, Binance Labs headed a $2.8 million round of financing for liquidity aggregator 1inch.