LivePeer, an Etheruem Based Streaming Service Raises $8 Million From Funding Round

As per a report published by Medium on the 17th of June, Ethereum (ETH)-based decentralized video streaming startup Livepeer has announced that it raised $8 million from institutional investors in its Series A funding round.

According to the announcement, the startup will be using the resources that they have recently acquired to support the development of the Livepeer protocol, network, software and ecosystem. This will be in an effort to promote further adoption. This funding round was reportedly led by venture capital firm Northzone, which also happens to be one of the first investors in Spotify.

The report also elaborates on some of the other participants in the round which include companies like Digital Currency Group, Libertus, Collaborative Fund, Notation Capital, Compound, North Island, Coinfund, Haivision and StakeZero. Moreover, according to the post, the former CEO of online video platform Brightcove, David Mendels has also joined the initiative in an active advisor role.

The company also claims that as Livepeer was first launched on Ethereum’s mainnet, thousands of Ethereum users have participated in securing the network and over 100 events have already been streamed through it. The startup also revealed that it is currently working on building plugins which allow media servers and transcoding services to run on its network.

As had previously been reported, a United States-based blockchain identity startup BanQu had announced recently that it closed an extension of its Series A funding round led by multinational drinks and brewing company Anheuser-Busch InBev’s investment arm. When it comes to funding, at the end of May, compliant tokenization startup Standard Tokenization Protocol announced that it had secured $7 million in funding.