The fresh capital brings Tune.fm's total funding to $80 million. The funds will be used to reward artists and users within the platform.
Decentralized music streaming platform Tune.fm has a new investor. According to a Sept. 12 announcement, the protocol has received $50 million in capital from Global Emerging Markets, bringing its total funding to date to $80 million.
The new investment will be allocated to provide liquidity for the protocol’s JAM token (JAM), used within the platform to reward artists and users. Prior investors in Tune.fm include LDA Capital, Alpha Token Capital, Block Alpha, Animoca Brands, The HBAR Foundation and GDA Capital, among others.
The platform offers music streaming services with an integrated non-fungible token (NFT) marketplace. Artists receive micropayments for every second their music is streamed, while users can earn tokens by discovering and listening to newly promoted songs. The platform is powered by the Hedera blockchain.
