Binance Labs announced a $1.25 million investment through an extension round on blockchain-powered music streaming platform Audius. Binance also listed its AUDIO token on its crypto exchange platform.
According to the announcement, this partnership is in line with Binance and its mission to usher in mass adoption for cryptocurrencies and blockchain technology. Hence, the extension round.
Binance Labs head Wei Zhou said,
Audius and its approach to mainstream crypto adoption is 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.
Meanwhile, Audius CEO Roneil Rumburg expressed their excitement, saying that Binance’s reach is “unparalleled” in the crypto world.
Audius describes itself as a decentralized streaming protocol that intends to address the needs of the music industry. Many people liken the platform to SoundCloud, a popular streaming platform that focuses on the same niche.
According to the platform, it has more than 750,000 active users per month, as well as more than a million monthly streams across 100,000 tracks.
AUDIO can be traded on the Binance exchange with three trading pairs, namely AUDIO/USDT, AUDIO/BUSD, and AUDIO/BTC.