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VideoCoin Raises $35 Mln For Blockchain-powered Video Services Platform

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Tech entrepreneur Halsey Minor announced $35-million funding for VideoCoin, a blockchain network that provides cloud video processing and distribution services and is set to rival those offered by Google and Amazon.

VideoCoin, which describes itself as a decentralized video platform, raised the amount in a private presale funding round. The startup has a hard cap target of $50 million.

Among the fund partners were Ethereum Co-founder Anthony Diiorio and Mike Novogratz's Galaxy Investment Partners.

The company also said that it would not conduct a public contribution round as part of its token sale due to the overwhelming demand to participate in the development of the VideoCoin Network.

Commenting on the presale, Minor, founder of technology news website CNET and CEO of Live Planet, a strategic technology partner and an investor in the VideoCoin Network, said it validates the project's long term vision and lays the necessary foundation for its global platform to be the Airbnb or Uber of video.

The VideoCoin Network is a decentralized video encoding, storage, and content distribution system that turns all cloud-based video services into an efficient algorithmic market running on a new blockchain with a native protocol token, the VideoCoin.

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