Binance Labs, the investment and incubation arm of Binance, the world's largest crypto trading platform, is leading a $1.25M strategic investment in Audius, a decentralized streaming protocol that allows users to distribute, monetize and stream audio content, according to a press release shared with iHodl.
Audius, that currently has around 750,000 monthly active users and more than a million streams each month across more than 100,000 tracks, already collaborates with popular artists like deadmau5, 3LAU and RAC.
The project has its own native token, AUDIO, that is used for multiple purposes such as security, feature access and governance. Users staking the AUDIO token can directly participate in the decisions on the future of the project, avoiding this way the innumerable middlemen of the music industry.
In addition, artists will be able to be in direct contact with their fans.
Binance's investment in Audius is part of the company's plan to foster crypto and blockchain adoption.
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