Contentos – a digital media company – announced this Tuesday that it has secured investment from Binance, a Tokyo-based cryptocurrency exchange. Neither company revealed the exact figures involved but, in its statement, Contentos said the investment was worth “millions of dollars.”
Founded earlier this year by Mick Tsai, Contentos aims to develop what one could describe as a blockchain YouTube. Effectively, it aims to provide a more streamlined and transparent reward system for content creators.
There is some irony in the fact that the company claims current business models mean video producers may be unwilling to tackle certain topics for fear of upsetting their advertisers. That is probably true, but Contentos is also based in China, a country that isn’t renowned for its love of free speech.
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As with many blockchain firms, Contentos also emphasizes the fact that its system is ‘decentralised’ and will enable users to connect directly. In reality, they’ll still be connecting through a platform, Contentos and so it is difficult to see how ‘decentralisation’ in this context makes much difference to end users.
Binance Labs Investing in Contentos
At any rate, the firm will now be able to proceed with their plans with the support of Binance. Today’s announcement indicates that the fresh investment came from Binance Labs – an incubator and social impact fund that supports blockchain-based projects and start-ups.
“We are dedicated to identifying the real use cases to implement blockchain technologies.” Said Ella Zhang, Head of Binance Labs, There’s a clear pain-point to be solved in the content creation industry, and we see Contentos is the right team with critical resources to solve the problem.”
Alongside this new partnership with Binance, Contentos already has a couple of deals in place with cryptocurrency firm Ontology and the NEO Foundation – a company owned by another cryptocurrency firm, NEO.