A newly designed crypto is presently gaining waves with the aid of the world’s biggest crypto exchange Binance.
A few days ago the decentralized music streaming platform Audius (AUDIO) launched its crypto. The coin traded as low as $0.04 on launch day, according to Coinmarketcap.
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However that became history as the macro, showing Binance would be supporting the pretty unknown crypto catalyzed a steep upward price movement that sent it as high as $0.50, which represents a surge of 1,125% in a span of a few hours, before presently trading at the time this report was drafted at 0.21140 with a gain close to 500% since its launch.
The macro making this crypto asset blue hot amidst thousands of crypto is largely attributed to these statement released by Binance
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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.
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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.
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“Audius and its approach to mainstream crypto adoption are 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.
That said, the popularly known Binance founder Changpeng Zhao shared the news about the company’s investment in Audius via Twitter
Let’s decentralize music. 🎶🎶🎶https://t.co/sUgAfNmKwO
— CZ Binance (@cz_binance) October 24, 2020