- Livepeer is an Ethereum-based decentralized transcoding network.
- There are already more than 70,000 GPUs in the Livepeer network.
Livepeer, a decentralized video streaming service, has received $20 million in its Series B expansion. Along with new investors, longtime supporters Alan Howard, the billionaire banker, and the investment company Tiger Global are also participating. In July 2021, Livepeer announced the first $20 million of its Series B funding. CoinFund, Mike Dudas’ 6th Man Ventures, and Warberg Serres joined prior investor Digital Currency Group (DCG) in leading this round.
Fresh Round of Funding
In all, the business has now raised $48 million in fresh capital. As a result, Howard has expanded its blockchain investments. A $25 million extension to Copper’s Series B investment round, followed by his involvement in Bitpanda’s $263 million fundraisings headed by Peter Thiel’s Valar Ventures, was previously led by the British tycoon.
Livepeer, an Ethereum-based decentralized transcoding network, seeks to lower streaming video hosting expenses by dispersing the transcoding workload among the network’s machines. Here, Livepeer comes to the rescue by providing an open, decentralized network where everyone may donate their computer resources to video streaming, resulting in huge cost savings.
Using Ethereum to manage the whole process and settle the payments, Livepeer constructs peer-to-peer infrastructure that interacts via a marketplace. There are already more than 70,000 GPUs in the Livepeer network, enough to encode all video streaming on Twitch, YouTube, and Facebook together, according to the startup.
According to CoinMarketCap, the Livepeer price today is $47.31 USD with a 24-hour trading volume of $128,056,252 USD. Livepeer has been up 5.21% in the last 24 hours.