By Max - Cryptocurrency Consultant - 05-01-2022
LivePeer (LPT) recently raised about $20 million in a Series B funding round. The fundraising event will reportedly boost the expansion of LivePeer's streaming services and Web3 infrastructure. LivePeer is a decentralised network for video transcoding built within the Ethereum (ETH) ecosystem. Many investors have participated in the Series B-1 funding with some notable new names such as Alan Howard and Tiger Global.
LivePeer has stated in a tweet that they have seen a lot of organic growth with their community demanding more transcoding services. The added $20 million in funding will serve as a well-needed endorsement to serve the ongoing demand. LivePeer's native crypto market investment, LPT, is the source for powering the network and controlling the platform's services. LPT is an Ethereum build token used to perform the work of transcoding and distributing video content within the network. Investors can buy LPT tokens at popular cryptocurrency exchange platforms, or users can be rewarded LPT on the LivePeer platform.
LivePeer plans to use the $20 million to expand its infrastructure due to its fast-growing user rate and popularity. LivePeer has previously made many investments and integrations to improve its platform further; one recent investment the platform made was MistServer.
MistServer provides flexible content delivery technology and makes the difficulties of video streaming much more accessible and easy to use. LivePeer expansion allows developers to create projects using an affordable infrastructure if they wish to grow their streaming applications through multiple types of industries such as events, eCommerce, and gaming.