Blockchain Platform Anotherblock Raises $1.2 Million In Pre-seed Funding With Steve Angello Among Its Early Investors

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anotherblock blockchain

Steven Angello has joined a small group of investors to back a new blockchain platform, Anotherblock.

Based out of Stockholm, anotherblock is launching a blockchain-based marketplace for music rights, which the company says will “support music creators and increase the value of their work by launching a marketplace for music rights which will use blockchain to democratize music ownership.” The platform will allow artists and labels to sell parts of songs to investors, with the project intending to create greater ease around music rights management.

Speaking to Billboard about the investment, Swedish House Mafia’s Angello said, “anotherblock’s initial goal is to make it easy for anyone to buy a part of their favorite song. By allowing labels and artists like me to easily sell parts of our songs on anotherblock’s marketplace, we can invite our fans to share the success. However, their vision is far larger than that. The technology makes it possible to store music rights on blockchain and simplifies music rights management, bypassing many of the middlemen in the industry today.”

Set to launch in the first half of 2022, the platform has already raised $1.2 million in its pre-seed funding round.

The investors include Sebastian Knutsson, the founder of the company that makes Candy Crush, Stardoll Media CEO and co-founder Mattias Miksche and angel investor Mathias Ackermand, in addition to Steve Angello.

In a statement anotherblock’s CEO Michel D. Traore said, “Unless profound changes are implemented in the way that artists can monetize their creativity, the music industry is in a race to the bottom. anotherblock is the solution: harnessing the latest technology and industry expertise, our platform will protect the creators, and support them as they continue enriching society and our culture.”

H/T – Billboard

Melody Siganporia
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