Cryptocurrency has had a positive 2021, with Ethereum (ETH) as one of the most popular networks. Projects built on the Ethereum network have been thriving despite market and network issues. One Ethereum-based project that has gained traction recently is streaming platform Livepeer by successfully securing investments in a funding round that boasted investments of approximately $20 million. The funds have been collected from significant Venture Capitalist (VC) organisations such as Northzone , Coinbase ventures, CoinFund, 6th Man Ventures and Animal Ventures have led the most recent Livepeer funding round.
Reported by Cointelegraph, the investments will be allocated to establish an internal protocol to test broadcast use cases. The trials carried out will be focused on song-title detection, scene categorization, and finally object recognition.
Northzone have emerged as the initial leader of the Livepeer funding round with $8 million raised dwarfing the other 5 participants. Further from the core Web 3.0 technology, the project now added approximately 70,000 Graphic Processing Units (GPUs) to its operations.
It was suggested that investors buying Bitcoin (BTC) during the bull run appear to have had a positive effect on price for both Bitcoin (BTC) and cryptoassets, this has recently come to fruition in the form of an impressive 15% increase for Livepeer (LPT).
Henri Arslanian, the head of PricewaterhouseCoopers (PwC) crypto division has speculated that increasing the value of cryptocurrency trading platforms results in smaller investors losing out on updated ideas and products.
Henri noted that most other businesses cannot compete, where some crypto companies are growing to the size where the “minimum ticket” reaches eyewatering amounts of $50 million. He then explained that businesses with a market value between $5 – $20 million are less targeted towards smaller retail investors and are now more determined on venture capital.
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