Blockchain creator platform Joystream raises $5.85m

Latest investment funding round brings online platform’s total company valuation to $60m

Representation of a creative wearing a virtual reality headset and manipulating data blocks                                 
Joystream founder Bedeho Mender has said the fresh capital will help the start-up deliver key product features and updates – Photo: Shutterstock
                                

Joystream, a decentralised creator platform powered by blockchain technology has raised $5.85m (£4.44m) in its latest funding round pushing the company’s total valuation to $60m.

The round – which saw a multitude of investors participating, such as Digital Currency Group, D1 Ventures and DefiAlliance – brings the total funds raised by the firm to $13m.

Joystream founder Bedeho Mender said that the fresh capital will help the start-up expand its team and deliver key product features and updates.

“This new funding will allow us to expand the team in key areas critical to a successful mainnet launch in Q2, such as kicking off our YouTube creator partnership program to attract creators to the platform, ramping up our DAO community growth initiatives and delivering key product features,” added Mender.

Joystream is an online platform designed to empower individual artists through decentralised media distribution, curation and discovery. It aims to create a decentralised platform, similar to YouTube’s content sharing and discovery model, giving content creators full control over their media and the ability to monetise their content.

“We aim to give video creators alternative ways to monetise their videos, and not solely rely on advertising, with the ability to sell their content as [non-fungible tokens] NFTs and to turn their channel into a token, so that anyone can invest in the creator, and earn a share of their revenue,” Joystream said.

“Joystream is a blockchain that allows developers to build other applications on, opening up opportunities to create decentralised versions of video applications we are already used to, as well as completely new video applications.”

Further reading

The material provided on this website is for information purposes only and should not be regarded as investment research or investment advice. Any opinion that may be provided on this page is a subjective point of view of the author and does not constitute a recommendation by Currency Com Bel LLC or its partners. We do not make any endorsements or warranty on the accuracy or completeness of the information that is provided on this page. By relying on the information on this page, you acknowledge that you are acting knowingly and independently and that you accept all the risks involved.
iPhone Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image
Trade the world’s top tokenised stocks, indices, commodities and currencies with the help of crypto or fiat
iMac Image