Ethereum-based decentralized video streaming platform Livepeer has announced it has attracted $20 million in a Series B fundraising, Doug Petkanics, the project CEO and co-founder, has reported.
According to sources, participants in the fundraising include Digital Currency Group, Northzone, Coinbase Ventures, CoinFund, Animal Ventures and 6th Man Ventures.
The company has reported it will spend the funds to scale its go-to-market efforts, improve the technical aspects of the project as well as support additional blockchains. In addition, Livepeer intends to expand its team from 18 to 30 by the end of 2021.
What Does Livepeer Do?
The platform allows users to reformat videos to ensure an optimal viewing experience at the same time it reduces costs.
Users can contribute to the project by offering the resources of their computers and make money in the form of Ether or another stablecoin fees. However, users must first buy the project’s native token LPT.