Binance Labs, the venture arm of Binance founded with the objective to incubate and invest in blockchain/cryptocurrency entrepreneurs and communities, has recently made an investment in Audius. To be specific, Binance Labs led an extension round for Audius that was worth around INR 9.5 crores.
What is Audius? What does it offer artists and audience?
Audius is a decentralized audio streaming platform launched with the motto of “putting power back into the hands of content creators.” The platform aims to connect artists directly with their audience. With its decentralized structure, creators can distribute and monetize their music as they choose, without any sort of corporate influence.
Additionally, listeners can also discover and share new music on the platform’s tectonic blockchain. So Audius is entirely controlled by the community, along with being censorship-resistant. A number of high-profile musicians have already backed the platform, namely Deadmau5, Zeds Dead, Stafford Brothers, and Brownies & Lemonade.
Audius also launched AUDIO – its native digital token – to be staked for security, access to various features, and governance powers. Users, once they earn AUDIO, get a say in how the protocol would be managed in the future, which removes the need for any intermediaries or any sort of third-party interference, deftly solving one of the music industry’s greatest problems.
In fact, with 750,000 MAUs (monthly active users) and over a million streams each month across more than 100,000 tracks, it’s quite safe to say that Audius has adequately tackled quite a few issues both musicians and listeners face, while also bringing cryptocurrencies and blockchain to the mainstream by merging them with the widespread music industry.
Binance glad to be “supporting this vision”
Head of Binance Labs Wei Zhou had this to say about Binance’s investment in Audius: “Audius and its approach to mainstream crypto adoption is among the strongest we’ve seen. We’re glad to have Binance supporting this vision as we are both heavily aligned in creating a more accessible future for crypto.”
In an official statement, Roneil Rumburg, Co-Founder and CEO of Audius said, “The Audius core team couldn’t be more excited to team up with Binance through a strategic investment. The reach of their platform is unmatched in the crypto community,”
It certainly seems like the partnership has the potential to usher in mainstream adoption for both cryptocurrencies and the blockchain technology.