Binance Labs Leads Audius Funding Round of $1.25 Million

Binance Labs, the blockchain incubator, has become the lead investor in the decentralised streaming protocol Audius, which raised $1.25 million in funding.

The startup is developing a platform for distribution, streaming and monetisation of audio content.

Audius has 750,000 active users. Each month more than a million streams are published on the platform, with 100,000 tracks.

The native AUDIO token is designed to secure the platform. It provides access to governance of the service and its additional features, such as gated content and artists’ tokens.

“We want to create the future of streaming, in which artists can monetise their creativity, and active users will participate in the platform’s development,” says the Audius team.

To push decentralisation ideas further, Audius began collaborating with popular DJs deadmau5, 3LAU and RAC.

“Binance supports Audius in its drive toward mass adoption of cryptocurrency and blockchain,” said Wei Zhou, head of Binance Labs.

The funding will enable developers to advance the project concept and roll out new features in the coming months.

Earlier in August, Binance Labs led the $2.8 million funding round for the liquidity aggregator 1inch.

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