The Bitfury Group, a Bitcoin mining firm that turned into a global Blockchain company in London is launching an open-source music service that operates and powered by Blockchain technology. The value invested in the music platform, SurroundTM, is at least $1 billion.
Tech companies like Bitfury Group and its inclination to make it in the music industry are not surprising. It has been quite a trend today because of the industry’s potential. What is quite significant and interesting by this move is the company’s aim to operate their aspired music platform with Blockchain duly.
SurroundTM, the said open-source platform’s label is set to simplify and prioritize transparency in the secured transfer of assets and copyrights. With this, musicians can manage their dealings better and more effectively. Artists can oversee their music output, to monitor how they are useful in the market, and what does not work for them.
The said platform is looking at providing a digital system that can be utilized for distributing and monetizing intellectual property. The venture is set to establish its presence in Amsterdam and Berlin, and outside of Europe in Moscow, Los Angeles, Tokyo, and Seoul.
SurroundTM has already started its development as of this writing.
As per the company, this said platform will be principal in raising innovation in the music industry. Thus, also encouraging other investors to use Blockchain in their businesses and other shares.
Stefan Schulz, Bitfury Surround CEO said that there is a strong drive for Blockchain in the open-entertainment setting because of the market’s substantial participation not only from a transactional perspective but also in the market revenue side.
While this sounds truly original, Bitfury is not the first company to venture in copyright management solutions. In fact, Kodak’s Blockchain division also entered a licensing agreement and the same offering that helps photographers to register and secure their works in a platform.
The $1 billion investment for the platform grew from $80 million invested The Bitfury Group gained in the last quarter of 2018. Some of the investors are Mike Novogratz of Galaxy Digital and the former hedge fund manager of Fortress Investment Group. He has helped the company to push its valuation to the Blockchain unicorn division joined by firms like Coinbase, Circle, and Bitmain among others.
SurroundTM and Bitfury’s aim for the year seems to be optimistic in terms of offering and its digital system. Thus, its take-off is being looked upon by artists and investors in the music industry.