Algorand Dapp Dequency just raised some cash from several investors, including two of Elon Musk’s siblings.  Musk Family's first investments in the Algorand Ecosystem. Kimbal and Tosca invest in Deqency, the world's first Web3 music synchronization licensing marketplace. $algohttps://t.co/Qq9SL1qO6G — Tob Nun (@AntifaChristian) February 15, 2022 Dequency, a decentralized music licensing platform built on Algorand, announced […] The post Musk Family Invests In Algorand appeared first on CryptosRus.

Musk Family Invests In Algorand

Algorand Dapp Dequency just raised some cash from several investors, including two of Elon Musk’s siblings. 

Dequency, a decentralized music licensing platform built on Algorand, announced today that it’s raised 4.5 million USD in an investment round led by Borderless Capital. Borderless Capital is a blockchain VC firm dedicated to funding projects on Algorand.

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  • Dequency bills itself as the equivalent of Bitcoin’s trustless payments but for decentralized licensing. Dequency eliminates the need for a third party music licensing transactions. Through removing an unnecessary intermediary artists can get a greater share of revenue.
  • “Licensing of music into film, tv, or other applications in 2022 is currently akin to booking travel in 1975; inefficient, rife with unnecessary intermediaries/rent seekers, and closed off to those unable to get through the corporate gatekeepers,” said George Howard, co-founder of Dequency.
  • Hidden away in the announcement is the fact that two of the investors in the round are Kimbal and Tosca Musk.
  • This isn’t Kimbal’s first foray into the crypto world. Back in November, he announced a DAO based charity.
  • Interestingly, back in December someone on Twitter tried to pitch him Algorand — because  of its cheaper fees. The younger brother of Musk asked for links. Six weeks later he’s investing in Algorand…
  • Tosca Musk, on the other hand, hasn’t dabbled much in blockchain-based affairs. Elon’s sister is the CEO of the romance-themed streaming service PassionFlix.
  • Algorand’s token ALGO is up 7% in the last 24 hours. As of press time, it’s trading in the $0.95 USD range. However, on the monthly timeframe, ALGO is down 31%.
  • Though, better days might be ahead. ALGO CEO has been teasing some major announcements coming soon…

 

 

 

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