In a recent development, Coinbase decided to back Ethereum. Some of the world’s biggest VCs, joined hands to fund Livepeer’s $20-million Series B. The list of the VCs includes Coinbase Projects: CoinFund, Northzone, 6th Man Ventures, and Animal Ventures.
This year is critical to the success of projects running on the Ethereum blockchain. Sharing the spotlight is Livepeer, an Ethereum-based video streaming network that announced that it raised $20 million in Series B financing. This digital venture has brought Ether and Coinbase on the same page as diverse crypto tycoons joined hands.
According to Henri Arslanian, head of the cryptocurrency at PricewaterhouseCoopers, a recent report by Cointelegraph showed how rising valuations of cryptocurrency companies caused smaller investors to miss the latest innovations. Looking back at large-scale venture capital transactions, Arslanian said that early-stage companies with a valuation of between US$5 million and US$20 million tend to see the participation of smaller investors. On the other hand, he continued.
The amount raised via funding will be invested to build an internal operational mechanism for Livepeer. The internal protocol will experiment with real-time streaming media use cases, such as scene classification, object recognition, song title detection, and video fingerprinting.
Before that, Northzone organized funding and helped Livepeer to raise to $8million. However, the company currently owns a larger network with over 70,00 graphics processing units. The world’s renowned cryptocurrency exchange FTX is also amongst the companies which have received financial backing from large crypto ventures, with its valuation inflated by 1,400%. Since then, FTX’s valuation has remained at $18 billion after seeing investments from venture capital giants such as Multicoin, VanEck, Paul Tudor Jones, SoftBank, Sequoia Capital, and Coinbase Ventures. Apart from that, Livepeer will also add a digital payment method to its platform the digital payment method will support all the major cryptocurrencies payments.
Experts have their opinion that the crypto market has learned how to co-exist and compete for mutual benefits. It has been a fact that this year Ether has been the busiest crypto exchange the company has launched multiple joint ventures and developed strategic ties inside and outside the crypto world. Ether also funded multiple crypto startups to further enhance its social reach. However, in recent times Stablecoins has also emerged as one of the most popular crypto brands whose assets are backed by the USD. Two of the world’s renowned and active names coming together was a huge event for the crypto community. Experts have said that in the future these large VCs will further help to develop the latest ventures.
Experts have started to voice, active involvement and evolution of Ether will help Ether to surpass Bitcoin as the leading cryptocurrency.