Decentralized music streaming platform Tune.fm raises 50 million US dollars in funding, with participation from Animoca Brands and others.

Decentralized music streaming platform Tune.fm announced a $50 million financing round, with participation from LDA Capital, Alpha Token Capital, Block Alpha, Animoca Brands, The HBAR Foundation, and GDA Capital, bringing the total funding to $80 million to date. The new funds will be used to provide liquidity for the protocol's JAM token, which is used on the platform to reward artists and users. The platform offers music streaming services through an integrated NFT marketplace. Artists earn small rewards for each second their music is played, while users can earn tokens by discovering and listening to new promoted songs. The platform is supported by the Hedera blockchain. (Cointelegraph)