Livepeer, a decentralized video streaming platform developed on the Ethereum blockchain, has actually raised $20 million in a Series B extension round.
Alan Howard and Tiger Global took part in the round, together with existing financiers such as Digital Currency Group, Northzone, andWarburg Serres There was no lead financier in this round.
The Series B extension round comes simply 5 months after Livepeer raised $20 million in Series B financing The brand-new round is likewise an equity round and brings Livepeer’s overall financing to date to around $51 million, its co-founder and CEO Doug Petkanics informed The Block.
With extra capital in location, Livepeer prepares to broaden its market share. Petkanics stated the task has a big scaling upgrade arranged for shipping early this year called Confluence, which will move Livepeer’s internal procedure from Ethereum’s base layer to the Layer 2 networkArbitrum This will likewise keep the Livepeer token (LPT) and core security system anchored to Ethereum.
“This will make it possible for economical involvement for our supply-side node operators and token holding delegators,” stated Petkanics.
In the future, Livepeer likewise prepares to broaden its ability throughout the media worth chain, consisting of video NFT assistance. Livepeer is a decentralized platform for transcoding videos– the procedure of transforming a video from one file format to another.
“We’ve seen strong natural development in need for transcoding, in addition to growing awareness of the dependability, worth, and effectiveness of web3 facilities,” stated Petkanics.
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