Samsung NEXT leads funding round for blockchain streaming network
Samsung NEXT and Blockchain, the largest non-custodial crypto wallet, have led a funding round for Theta Labs, the blockchain-based streaming video network, according to Forbes. Other parties that were involved in the funding round included Uphonest Capital, Igen Fusion Capital, Wei Fund, and additional private investors.
This is significant news for Theta Labs, which is now funded through 2021, and plans on opening offices in strategic locations such as Seoul, Singapore, and London, in order to establish global media partners.
Theta Labs CEO Mitch Liu points out that the association with both companies is nothing new. He stated, “We’ve been working with Samsung and Blockchain for some time now, and with this new funding round we look forward to align our strategic interests and invest in Theta project’s success.” He also emphasized that the ultimate goal of Theta Labs was to become the “leading decentralized global data delivery platform.”
Samuel Harrison, a managing partner at Blockchain, praised Theta Labs as a project that has real potential. He elaborated:
“We’re committed to investing and collaborating with projects like Theta that drive real user adoption and act as a novel way to on-ramp users into the digital currency ecosystem. We back technology companies that use blockchain to power a fundamentally new and improved consumer behavior.”
Theta has already made headway in the sector, integrating with platforms such as Samsung VR, SLIVER.Tv, CJ Hello, Pandora.tv, and more. Theta Labs aims to deliver higher quality video at a lower cost, and allow users to tip content creators more efficiently through Theta tokens.
Theta also has had some powerful investors and connections from the beginning. In 2017, Theta Labs received millions in funding from both Sony and Samsung Electronics, and their advisory board boasts well-known tech entrepreneurs such as Steve Chen, co-founder of YouTube, and Justin Kan, co-founder of Twitch.
As of press time, the price of one Theta token is a little above nine cents, and the market capitalization of the cryptocurrency is about $74 million. Theta achieved a successful mainnet launch on March 15, 2019.
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