Binance Labs, the investment and incubation arm of Binance, has made a strategic investment in Audius - a decentralized streaming protocol giving everyone the freedom to distribute, monetize, and stream any audio content. Specifically, Binance Labs led an extension round for Audius worth $1.25 million.
With 750,000 monthly active users (MAUs) and over a million streams each month across more than 100,000 tracks, Audius has teamed up with top artists like deadmau5, 3LAU, and RAC to help crypto cross the chasm.
Audius features a native platform token - AUDIO - that is staked for security, feature access, and governance. AUDIO is earned by users to shape future iterations of the protocol, creating a community dynamic in ownership unique to a music industry full of middlemen.
The means of artists being able to connect directly with fans is one that speaks to the ethos of web3, and one that the Audius community will be exploring closely over the coming months.
“Audius and its approach to mainstream crypto adoption is among the strongest we’ve seen. We’re glad to have Binance supporting this vision as we are both heavily aligned in creating a more accessible future for crypto,” Head of Binance Labs Wei Zhou said about the investment.
“The Audius core team couldn’t be more excited to team up with Binance through a strategic investment. The reach of their platform is unmatched in the crypto community,” said Roneil Rumburg, Co-Founder and CEO of Audius.
This partnership builds upon Binance and its mission of ushering in mainstream adoption for cryptocurrencies and blockchain technology. For more information on Audius, read the Binance Research report here.