VideoCoin has received $5 million in initial funding to help the company revolutionize the video streaming economy cryptocurrency. The funding round was lead by AlphaBit Fund, Galaxy Investment Partners, Distributed Network Advisors (DNA), and Sovereign. VideoCoin is the latest endeavor of CNET’s founder Halsey Minor, who now runs Live Planet, a key strategic investor that was tasked to scale VideoCoin Network as its CEO.
“We are thrilled to have a robust group of blockchain-specific investors that are as enthusiastic about VideoCoin as we are. We expect the momentum to continue into our presale as we rapidly add more content creators and members to the VideoCoin community,” Halsey Minor said in an official statement published in Globe Newswire.
“VideoCoin has all the elements we look for in an investment,” said Michael Novogratz, Head of Galaxy Investment Partners. “We recognize the immense experience and value Halsey brings as the creator of this new innovation, and are convinced VideoCoin will revolutionize the video streaming industry.”
VideoCoin wants to seize the Blockchain technology, to lower costs for video streaming services using the power of unused computing resources. They have being working on a system custom-built for speed and efficient processing of large media files. With this influx of funding, a stage of growth may soon follow.