Musk family is bullish on Algorand, invests in decentralized music platform Dequency
- 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.
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
