World’s crypto exchange heavyweight Binance will reportedly be offering financial support for a major decentralized audio streaming project – via its investment and incubation division. 

Specifically, Binance Labs has led an extension round funding worth $1.25 million for Audius – a blockchain-powered streaming services designed to establish connection between artists and their supporters. 

The newest investment round reportedly took place after a $3.1 million round, co-led by Multicoin Capital and Blockchange Ventures previously happened in July this year. 

Heavyweights across the sector, such as Pantera Capital and Coinbase Ventures, reportedly joined in the rounds.

Per co-founder and current head of Audius – Roneil Rumburg – the newest rounds have reportedly increased the overall investment of the platform up to reach the $9.8 million benchmark. Rumburg further disclosed that the acquired funds will be directed to assisting artists in developing their listener base across the system. 

Released 2 years ago, Audius reportedly functions as a decentralized music sharing and streaming protocol, built with a goal to support direct transactions among listeners and artists. 

Numerous big names in the music producing sector have reportedly become a part of the Audius, nominally Portuguese-American musician RAC, Canadian electronic music producer deadmau5, and American DJ Justin David Blau – generally known as 3LAU. 

Per the protocol’s whitepaper, the Audius content ledger can be considered an “amalgamation” of Ether-based smart contracts, at the same time other parts will be operating on different blockchain-powered platforms.