Web3 rival to Twitch raises $12.9 million from Pantera Capital

The decentralized video streaming startup Stacked raised $12.9 million in a Series A round, according to CoinDesk.

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It was led by Pantera Capital with participation from GFR Fund and the venture unit of Yahoo! Japan.

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The startup aims to provide a decentralized alternative to YouTube’s platform from Alphabet and Twitch from Amazon. The team intends to leave creators a large share of revenue, and to secure ownership of the platform through a governance token. The asset can be earned on the service.

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\”If you really give creators ownership of platforms they helped make valuable, you really align incentives for both the solution itself and for developers and creators,\” says Stacked CEO Alex Lin.

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Users of the service will be able to stream gaming content, host online events, interact with fans and post other video content.

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It is expected that creators will be able to earn in fiat or cryptocurrency via tips or subscriptions.

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The governance tokens will be used both to obtain platform privileges and to increase revenue.

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The raised funds will be allocated to marketing, content acquisition, hiring, and expanding the business in Latin America, India, and Southeast Asia.

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Earlier in April, Pantera Capital raised $1.3 billion for a fund aimed at investing in Web3 startups.

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