Web3 Music Startup TRAX Raises $2.9M in Decentralized Funding Round + More Crypto News

cryptonews.com:

Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news.

In this edition:

__________

TRAX

, a London-based Web3 music startup, has successfully raised a $2.9 million decentralized funding round on the Internet Computer (ICP) blockchain.

According to the press release, following the completion of the raise, TRAX will operate as a decentralized autonomous organization (DAO).

Holders of TRAX’s new governance token, TRAX, will democratically control it. The funds will stay in TRAX DAO’s treasury, allowing TRAX holders to decide how best to utilize them.

TRAX completed its raise on 23 December 2023, amassing a treasury of over 314,000 ICP, or approximately $2.9m at the time of the raise.

Following price action, on January 15, the treasury was valued at approximately $4 million.

TRAX is a content aggregator and social marketplace helping artists build a digital space for their superfans. Its goal is to give artists the opportunity to grow their communities and increase revenue through exclusive content and events.

“Fans are naturally more partial to supporting their favorite artists, but major music platforms have yet to reflect this nuance in their algorithms and pricing structure,” the announcement argued.

KuCoin Labs

, the KuCoin investment and incubation program, has partnered with ETGM, a digital currency project “designed to explore new frontiers in blockchain technology,” said the press release.

This collaboration will drive advancements in the Bitcoin ecosystem, improve user experience, and broaden access to blockchain technologies, it said.

ETGM has developed a multi-chain inscription bot on Telegram. It aims to provide users with a