- LABEL Foundation’s operating company Clesson successfully raised $2 million.
- It currently uses the blockchain of Ethereum and BSC.
- Famous global investors support the network’s funding.
Clesson Co., Ltd, the operating company of the LABEL Foundation, has successfully raised $2 million in strategic equity investment. The equity-oriented financing has been made to Clesson, which is also known as the parent company of the LABEL Foundation, by the leading asset management firms – eBest Investments & Securities and Groom investments to boost the development of the web 3 NFT infrastructure for musicians, fans and content creators.
The company said that it will use the funds to enhance the platform, bring new IP holders, and lead the content industry in the Web 3.0 era.
In terms of its investors, the platform is supported by two major investors. First, eBest Investment & Securities Co., a Korea-based Asset Management Firm with 1 billion USD in their AUM, that specializes in providing financial services. It is mainly engaged in brokerage, covering stocks, futures, to name a few.
Second, Groom Investment, an investment fund that conducts all-round investments in the prospective companies and holds portfolios comprising The SmartStudy, CrowdWorks (Pre-IPO stage), Bespin Global (accumulated investment of 209 billion KRW), and Caroom.
Meanwhile, the platform has maintained a good standing in the space by collaborating with other networks in the industry. OPENTRACK is one of the networks that join the Label foundation. This partnership enables top instructors all over the world to provide early content within the LABEL ecosystem, and the OPENTRACK serves as the main content supply platform.
Furthermore, the LABEL Foundation utilized blockchain technology to change the MOOC and music industry. It is building NFT infrastructure for content creators, musicians, and fans.
Once the development is complete, the LABEL Foundation promises to provide fair profit distribution for artists in the industry. The latest announcements of strategic partnerships with Ankr are pointing out the ongoing progress.
LABEL Foundation explained,
“Our team is willing to work towards improvements in the music industry, by solving the biggest issues related to unfair profit-sharing due to intermediaries’ lion’s share. Since we have huge expertise in the music and entertainment industry, we are aware of what kind of obstacles talented people face in the traditional music industry.”
On the other hand, the LABEL Foundation’s native token — LBL can be traded on exchanges such as MEXC Global and PancakeSwap to name a few. Moreover, it currently uses the blockchain of Ethereum and BSC to support its platform. Hence, traders and investors have the flexibility to choose what technologies they prefer in using the network.