Limewire mentioned Might 9 that it raised greater than $16 million for its revived platform by gross sales of its cryptocurrency token (LMWR).
Limewire surpasses $15M purpose
By elevating $16.5 million, Limewire has surpassed its $15 million funding purpose and is greater than midway to its $30 million fundraising restrict.
The venture’s web site says that the sale will shut on Might 11 and that the token will likely be listed on 4 main exchanges starting on Might 16.
The venture raised funds in fiat in addition to cryptocurrencies, together with Ethereum (ETH), Bitcoin (BTC) USD Coin (USDC), Tether (USD), and Binance Coin (BNB). It added help for XRP, Cardano (ADA), and Polygon (MATIC) funds round Might 6.
Limewire beforehand introduced on April 21 that it had raised $10 million by a non-public sale led by led by Kraken Ventures, Arrington Capital, and GSR.
NFT platform for creators
Limewire is finest often known as a file-sharing service energetic within the early 2000s. The platform grew to become controversial for enabling copyright infringement of music and confronted lawsuits from the recording business. Limewire was finally shut down circa 2010.
Nonetheless, Limewire’s revived model will as an alternative function a platform for music artists. Creators will be capable of create content material on blockchain-based content material and monetize that content material with cryptocurrency rewards, funds, and subscriptions.
Content material on the platform will likely be saved and traded as non-fungible tokens (NFTs), and entry to that content material may be gated behind NFTs and different tokens.
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