Wednesday, October 5, 2022

Fan-Funding Platform Corite Inks $6.2M in Funding to Scale its Product Offerings

Corite, a blockchain-based music platform that allows artists and fans finance and promote music in a unique way has successfully closed a private sale round for its blockchain based sister project, Corite CO.

Following a seed round and private pre – sale round, the CO project has raised $6.2 Million from a universal network of established music and crypto powerhouses such as Charles Goldstuck (one of the protocol’s existing backer), Kyros Ventures, ChromaWay, and KuCoin. 

Corite CO was created jointly with ChromaWay, Corite’s key partner and investor that offers a Distributed Ledger Technology (DLT) and decentralized finance infrastructure via its developing chromia ecosystem. The Corite CO platform supports the Play-to-Earn (P2E) model to allow artists full charge over their content and access to models of communicating with their fans through Non-Fungible token (NFTs), digital merchandise and tokens.

Corite expects to conclude the launch of CO in the first quarter of 2022, having obtained funding from its existing Venture capital (VC) investors and backing from key Opinion Leaders (KOLs). The list of crypto investors that participated in this current round includes KuCoin labs, Gate labs, MEXC, Shima Capital, Kyros Ventures, Titans ventures, Coin 98, ZBS Capital, Oig Capital, Parachain Ventures, and Dawnstar Capital amongst others.

According to a social media release, the new Corite CO platform will let the $CO token holders to engage in blockchain fan funding and promotion, as well as to foster prompt entry to invest in music projects, in addition to earning rewards for “donating and engaging in the governance of the Corite ecosystem.”

Corite, who has a partnership with L.A-based HITCO Entertainment in May 2021, permits fans to invest directly in their most-favoured artists thereby generating additional revenue stream with a portion of royalties.

In November 2021, Corite CO started its first NFT Campaign in Times Square, featuring Emery Kelly’s “Emotions” collection of non – fungibles. Also in January 2022, Corite announced its partnership with 4000 studios, one of Australia’s largest music studio complexes. 

Charles Goldstuck, Corite Investor, founder and Co-Chairman of HITCO, said “Corite is exclusively positioned to help lead the music industry into the music/ Web3 world.”

Emelie Olsson, director of relations with Corite artists, added: “With platforms like TikTok changing the music industry completely in a very short time, we are seeing a growing trend where the power of fans and communities can be a successful artist today.

“We will be able to support all aspects of this ecosystem.”

With Corite’s latest funding, the tally for blockchain-based startups receiving investors funding has soared this year. Lukka, FTX, and MetaDojo remains amongst the startups that has benefitted immensely from this investor backing in recent times.

Joyce Onose
A Blockchain enthusiast and growing writer in the space with an understanding of the importance in creating quality content for readers in the industry. Also, keen on using her skills in improving Blockchain journalism.

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