Decentralized Music Platform Powered By Algorand (ALGO) Raises $4.5M From High Profile Investors

February 18, 2022 6:03 pm Comments

Dequency is a decentralized music licensing platform that is powered by the Algorand network that recently raised capital from some high profile investors.

The investors include Elon Musk’s siblings Tosca and Kimbal and the company had raised a total of $4.5 million in its latest investment round.

The funding round was led by Borderless Capital and also included individual investors like Steve Kokinos (CEO Algorand), Vinny Lingham (Co-founder & former CEO Civic), Lyndon Rive (Co-founder & CEO Solar City), and Peter Rive (Co-founder & CTO Solar City).

The company had chosen Algorand as the network of choice due to its success in powering many successful decentralized applications and its lower transaction costs when compared to Ethereum.

The addition of a high profile project like Dequency to the blockchain network has spurred positive sentiment among existing investors of both the music platform and ALGO holders.

FXStreet reports:

David Garcia, CEO of Borderless Capital, was quoted as saying,

Music was part of the metaverse world even prior to the existence of the Blockchain. We are really excited to join Dequency and support their vision of native on-chain music synchronization licensing, power the entire creator’s economy and bring it to the next level.

Dequency is built on the Algorand blockchain, an open-source, public network with Proof of Stake (PoS). Algorand offers quick, efficient and secure transactions on its blockchain.

Steve Kokinos, CEO of Algorand, believes that Algorand powers Dequency’s vision of peer-to-peer music licensing marketplace that prioritizes creators. The decentralized music platform is currently in the phase of building its product on the Algorand blockchain.

Proponents believe that Dequency is the decentralized licensing equivalent of Bitcoin.

Steve Kokinos has also mentioned that he believes that the current state of the licensing industry right now is similar back to booking travel back in 1975.

Essentially, he believes that the industry is ripe for disruption and decentralized applications like Dequency which is powered by Algorand will help transform the industry.

Founding partners of Borderless Capital stated that the firm was excited to support Dequency’s vision of on-chain music licensing on Algorand and providing a new way for music content creators to get rewarded with their efforts while removing all of the middlemen that currently exist in today’s process.

If this industry does grow significantly, Algorand would be able to facilitate all transactions and take advantage of that growth.

Yahoo reports:

Algorand is building the technology to power the Future of Finance (FutureFi), the convergence of traditional and decentralized models into a unified system that is inclusive, frictionless, and secure.

Founded by Turing Award-winning cryptographer Silvio Micali, Algorand developed a blockchain infrastructure that offers the interoperability and capacity to handle the volume of transactions needed for defi, financial institutions and governments to smoothly transition into FutureFi.

The technology of choice for more than 1000 global organizations, Algorand is enabling the simple creation of next generation financial products, protocols and exchange of value.

So far, the news has acted as a bullish catalyst for ALGO which has been in a positive uptrend since February 16, 2022 for the first time in the year.

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