Coinbase Ventures backs Ethereum-based streaming network
Crypto projects running within the Ethereum blockchain have witnessed foundational success since the start of 2021, the latest one being Livepeer. A video streaming network based on Ethereum, Livepeer has announced that it has raised $20 million in a Series B funding round.
Livepeer’s funding witnessed participation from big names in the venture capitalists network, including CoinFund, Northzone, Coinbase Ventures, Animal Ventures and 6th Man Ventures. Livepeer has also announced that its latest funding will be employed in building an in-house protocol for experimentation with Livestream usage cases like video fingerprinting, object recognition, and song-title detection.
Prior to this, Northzone had led the institutional funding round raising $8 million for Livepeer. At present, the company runs 70,000 graphics processing units compatible with underlying Web 3.0 technology.
Speaking about the large-scale Venture Capitalists’ investment deals, Arslanian remarked that the early-stage companies having a valuation between $5 million and $20 million are accustomed to seeing the involvement of smaller investors. Well-known cryptocurrency exchange FTX has also received quite a lot from VC funding. FTX’s valuation currently stands at $18 billion after investments from VC giants like Paul Tudor Jones, Multicoin, Softbank, Sequoia Capital, VanEck, and Coinbase Ventures.