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Web3 Music Startup TRAX Raises $2.9M in Decentralized Funding Round + More Crypto News

Sead Fadilpašić
Last updated: | 2 min read
Source: AdobeStock / Prostock-studio

Get your daily, bite-sized digest of blockchain and crypto news – investigating the stories flying under the radar of today’s news.

In this edition:

  • TRAX Crypto News: $2.9M Raised in Decentralized Funding Round
  • KuCoin Labs Partners with ETGM to Advance BTC Ecosystem
  • Bitget Promotes Gender Diversity in Web3 with $10 Million Commitment

__________

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

TRAX

, a London-based Web3 music startup, has successfully raised a $2.9 million decentralized funding round on the Internet Computer (ICP) blockchain.

According to the press release, following the completion of the raise, TRAX will operate as a decentralized autonomous organization (DAO).

Holders of TRAX’s new governance token, TRAX, will democratically control it. The funds will stay in TRAX DAO’s treasury, allowing TRAX holders to decide how best to utilize them.

TRAX completed its raise on 23 December 2023, amassing a treasury of over 314,000 ICP, or approximately $2.9m at the time of the raise.

Following price action, on January 15, the treasury was valued at approximately $4 million.

TRAX is a content aggregator and social marketplace helping artists build a digital space for their superfans. Its goal is to give artists the opportunity to grow their communities and increase revenue through exclusive content and events.

“Fans are naturally more partial to supporting their favorite artists, but major music platforms have yet to reflect this nuance in their algorithms and pricing structure,” the announcement argued.

KuCoin Labs Partners with ETGM to Advance BTC Ecosystem

KuCoin Labs

, the KuCoin investment and incubation program, has partnered with ETGM, a digital currency project “designed to explore new frontiers in blockchain technology,” said the press release.

This collaboration will drive advancements in the Bitcoin ecosystem, improve user experience, and broaden access to blockchain technologies, it said.

ETGM has developed a multi-chain inscription bot on Telegram. It aims to provide users with a multifunctional platform that enables inscriptions and aggregated transactions on major blockchains. These include Bitcoin, Ethereum, Polygon, Solana, and Cosmos.

“This bot is intended to be a one-stop solution for easy access and management of assets across various blockchain platforms,” said the announcement.

It added that ETGM also actively promotes interaction and collaboration among community members through interactive activities and reward mechanisms.

Bitget Promotes Gender Diversity in Web3 with $10 Million Commitment

Crypto exchange Bitget unveiled the Blockchain4Her initiative aimed at promoting gender diversity and inclusivity in the blockchain industry, with a $10 million commitment.

Per the press release:

“Despite the industry’s progress and increasing inclusivity, significant gender bias persists.”

Bitget recently conducted a study that revealed limited gender diversity in the blockchain funding market. It showed that female-led blockchain startups secured only 6% of the total funding.

“In a forward-thinking and global blockchain-based economy, the prevalence of gender bias significantly restricting opportunities is an unacceptable issue,” the exchange said.

As part of the Blockchain4Her initiative, Bitget will launch incubation programs for female entrepreneurs. They will provide comprehensive support, mentorship, and resources, empowering women to navigate and succeed in the blockchain industry.

Additionally, Blockchain4Her will host pitch competitions for female-founded startups, offering them a platform to showcase their innovations and secure potential investments.

Furthermore, it will feature an experience called Women in Blockchain Summit & Awards, serving as a platform to celebrate and recognize the outstanding achievements of women in the blockchain space.

Finally, Bitget will invite industry leaders to join as ambassadors for the Blockchain4Her program.