Ethereum-based decentralized video-streaming platform Livepeer recently raised $20 million in a Series B extension round. According to reports, there was no lead investor in the fundraising exercise. Nonetheless, participating investors included existing investors, such as Digital Currency Group, Northzone, and Warburg Serres. In addition, rounding out the group were Alan Howard and Tiger Global – new entrants to the given Livepeer investment initiative.
Livepeer’s Series B extension fundraise follows another funding round conducted by the scalable media platform five months earlier. Back then, the decentralized video-streaming platform also generated $20 million in Series B funding. This is why this current exercise has the ‘extension’ differential added to it.
Furthermore, Livepeer’s total funding to date now sits at approximately $51 million with the new extension round. This is according to the company’s co-founder and chief executive officer, Doug Petkanics.
Livepeer suggested that it is looking to beef up its market share with the newly-acquired funds. Petkanics also disclosed a monumental scaling update, dubbed Confluence. According to the CEO, Confluence is set to ship early in 2022 and will facilitate a shift in Livepeer’s internal protocol. The aforementioned protocol will move from Ethereum’s base layer to Arbitrum – a Layer 2 network. This shift will also ensure that Livepeer’s native token LPT and core security mechanism remain rooted to Ethereum.
Image Credits: Pixabay
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