- Tosca and Kimbal Musk invested in Dequency, a decentralized music licensing platform powered by Algorand.
- The smart contract platform has powered several decentralized projects, offering lower transaction costs compared to Ethereum.
- Proponents believe the launch of new smart contract projects and NFTs on Algorand is a catalyst for ALGO price.
Algorand based Dequency raised funds from investors, including Elon Musk's siblings Tosca and Kimbal. Dequency, a decentralized music platform, has raised $4.5 million in its latest investment round.
Musk siblings are bullish on Algorand based projects
Algorand Dapp Dequency raised some cash from several investors, including two of Elon Musk's siblings. The decentralized music licensing platform, Dequency, recently raised a $4.5 million investment led by Borderless Capital. The VC firm is keen on projects built on the smart contract platform Algorand.
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. George Howard, CEO of Dequency, says,
Licensing of music into film, tv or other applications in 2022 is currently akin to booking travel in 1975; inefficient, rife with unnecessary intermediaries/rent-seekers, and closed off to those unable to get through the corporate gatekeepers.
Elon Musk's sibling Kimbal has previously dabbled in blockchain and cryptocurrency, announcing a DAO-based charity in November 2021. Proponents believe the investment news is a bullish catalyst for Algorand price. The smart contract platform's token started an uptrend on February 16, 2022.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.