Aurovine hits funding target for virtual currency
A Blackpool business which is developing a virtual currency dedicated to the music industry has been successful in raising finance on funding platform Seedrs.
Aurovine will now be able to push on with the third phase of its development plan to improve usability on its existing music discovery platform and market the AudioCoin currency.
It hopes its currency, which is similar to Bitcoin, could be used to enable an ecommerce platform for music and media file exchange.
Aurovine said it has successfully built and tested a beta version of the currency and it is "well placed" to lead the industry with a service for online transactions and reward.
Investors on Seedrs have now pledged more than £32,000 for a 12.7 per cent equity stake, which will allow the business to execute its growth plans.
"Audiocoin was designed to make sure the artist and the people who work hard in the industry see the level of return they deserve rather than it being sucked out the industry and lining the pockets of the few," said Aurovine director Dave Blundell in a blog post.
As well as using the virtual currency on its own platform, Aurovine also plans to develop widgets and plug-ins to allow other music platforms to sub-license the currency for online transactions.
The business expects the value of AudioCoin to grow as it becomes adopted for online transactions in the same way Bitcoin has.
Aurovine currently has almost 1,000 artists signed up to its platform as well as 64 labels and more than 3,500 tracks. It also has distribution through iTunes, Google Play, Amazon, Spotify and Deezer.