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UK-based Web3 music startup TRAX has raised $2.9 million in a decentralized funding round on the Internet Computer (ICP) blockchain. This represents one of the largest funding rounds to date conducted fully on a blockchain.
Functioning as a DAO
As a result of the funding round, TRAX will now operate as a decentralized autonomous organization (DAO). Holders of the company’s governance tokens will have control over its operations and decision making.
The treasury of over 314,000 ICP generated from the raise was valued at $2.9 million at the time on December 23, 2023. However, the value has since appreciated to around $4 million as of January 15.
Helping Artists Engage Fans
TRAX aims to help musicians and artists better engage with their superfans and increase revenue through exclusive content, events, and perks. The funding will enable the startup to improve and expand its technology platform.
Other Web3 Funding News
In other recent funding news within the crypto space:
- KuCoin Labs has partnered with ETGM to advance the Bitcoin (BTC) ecosystem. The partnership looks to improve user experience around blockchain technologies. More details.
- Bitget announced a $10 million commitment to Blockchain4Her (@blockchain4her), promoting gender diversity within the industry. The initiative includes funding, incubation programs, and events for female founders. Full story.
These developments demonstrate continued growth and innovation within the burgeoning Web3 sector.
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