A newly developed cryptography is currently gaining waves with the help of the world’s largest crypto exchange Binance.
A few days ago the decentralized music streaming platform Audius (AUDIO) launched its encryption. The coin was trading as low as $ 0.04 on launch day, according to Coinmarketcap.
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However, it became history as a macro, showing that Binance would have supported the rather unknown cryptocurrency catalyzed a strong upward movement in prices that took it as low as $ 0.50, which represents a 1.125% surge over a span. a few hours before currently trading at the time when this report was written at 0.21140 with a gain close to 500% since its launch.
The macro that makes this cryptocurrency hot among thousands of cryptocurrencies is largely attributed to these statements made by Binance
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Binance Labs, Binance’s investment and incubation arm, has made a strategic investment in Audius, a decentralized streaming protocol that gives everyone the freedom to distribute, monetize, and stream any audio content. Specifically, Binance Labs conducted an extension round for Audius worth $ 1.25 million.
With 750,000 Monthly Active Users (MAUs) and over a million streams each month across 100,000+ tracks, Audius has partnered with top artists like deadmau5, 3LAU and RAC to help cryptocurrencies cross the chasm.
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Audius has a native platform token – AUDIO – which is staked for security, access to features and governance. AUDIO is earned by users to shape future iterations of the protocol, creating a dynamic community in the unique property for a music industry full of middlemen.
The means by which artists can connect directly with fans are those that talk about the ethics of the web3 and that the Audius community will explore closely in the coming months.
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“Audius and its approach to adopting mainstream cryptocurrencies are among the strongest we’ve seen. We are delighted that Binance supports this vision as we are both strongly aligned in creating a more accessible future for cryptocurrencies. “ Binance Labs chief Wei Zhou said of the investment.
That said, the popularly known founder of Binance Changpeng Zhao shared the news about the company’s investment in Audius via Twitter
Let’s decentralize the music. 🎶🎶🎶https: //t.co/sUgAfNmKwO
– CZ Binance (@cz_binance) 24 October 2020