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TRAX Crypto News: $2.9M Raised in Decentralized Funding Round

TRAX, a music startup based in London operating in the Web3 space, has successfully secured $2.9 million in decentralized funding through the Internet Computer (ICP) blockchain.

As per the official statement, following this fundraising effort, TRAX is set to function as a decentralized autonomous organization (DAO). The newly introduced governance token, named TRAX, will be subject to democratic control by its holders. The raised funds will be held within the TRAX DAO’s treasury, giving TRAX token holders the authority to make decisions on their optimal utilization.

The fundraising endeavor concluded on December 23, 2023, resulting in a treasury holding over 314,000 ICP tokens, equivalent to approximately $2.9 million at the time of the campaign.

Subsequently, due to market price fluctuations, the treasury’s valuation increased to around $4 million by January 15.

TRAX serves as a content aggregator and social marketplace, designed to assist artists in establishing a digital hub for their dedicated fan base. The primary objective is to empower artists by enabling them to expand their communities and enhance their earnings through the provision of exclusive content and events.

The announcement contends that while fans naturally lean towards supporting their favorite artists, mainstream music platforms have yet to incorporate this level of nuance into their algorithms and pricing structures.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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