News

Lino raises $20m funding round to build a ‘crypto YouTube’


Tags:

Lino wants to build “a decentralised autonomous content economy, where content value can be recognised efficiently and all contributors can be incentivised directly and effectively to promote long-term economic growth”.

Not bad for something named after your carpet, eh? Lino is the latest startup hoping to tap blockchain technology in an attempt to eat at least some of YouTube’s lunch. That means a platform for recorded and live videos, with creators rewarded through “micro-tipping, gifting, purchasing, and more”.

And yes, there’ll be a built-in cryptocurrency here: ‘LINO’ tokens will be the currency fuelling this particular economy, and the company has already held an institution-only, private token sale to raise funds.

A lot of funds, too: TechCrunch reports that the company bagged $20m in the private sale, led by Chinese seed-investor Zhenfund, with crypto investors FBG Capital, DFund, and INBlockchain also chipping in. The piece explains that initially, Lino will be focusing on Korean and Chinese pop stars and video artists to populate its service.

“We’re trying to create a decentralised autonomous video content community,” said CEO Wilson Wei. “The problems of YouTube and twitch were that those companies are profit driven and in order to maximise that content they have to squeeze more content out of creators and users…”

Stuart Dredge

Read More: News Startups
Leave a Reply

(All fields required)