Limewire mentioned Could 9 that it raised greater than $16 million for its revived platform by way of gross sales of its cryptocurrency token (LMWR).
Limewire surpasses $15M objective
By elevating $16.5 million, Limewire has surpassed its $15 million funding objective and is greater than midway to its $30 million fundraising restrict.
The venture’s web site says that the sale will shut on Could 11 and that the token shall be listed on 4 main exchanges starting on Could 16.
The venture raised funds in fiat in addition to cryptocurrencies, together with Ethereum (ETH), Bitcoin (BTC) USD Coin (USDC), Tether (USD), and Binance Coin (BNB). It added assist for XRP, Cardano (ADA), and Polygon (MATIC) funds round Could 6.
Limewire beforehand introduced on April 21 that it had raised $10 million by way of a personal sale led by led by Kraken Ventures, Arrington Capital, and GSR.
NFT platform for creators
Limewire is finest generally known as a file-sharing service lively within the early 2000s. The platform turned controversial for enabling copyright infringement of music and confronted lawsuits from the recording business. Limewire was ultimately shut down circa 2010.
Nonetheless, Limewire’s revived model will as a substitute function a platform for music artists. Creators will have the ability to create content material on blockchain-based content material and monetize that content material with cryptocurrency rewards, funds, and subscriptions.
Content material on the platform shall be saved and traded as non-fungible tokens (NFTs), and entry to that content material may be gated behind NFTs and different tokens.
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