Muzika, a blockchain-based self-sustaining ecosystem, has made an investment deal with NEO Global Capital Strategic Partnerships, the startup announced September 20.
After demonstrating solid business management capabilities as well as a strong domain expertise in music industry, NEO Global Capital Founder Tony Gu remarked upon his reasons for selecting Muzika.
“Muzika’s team has demonstrated solid business management capabilities, as well as strong domain expertise in music industry. The collaboration with Ontology also gives Muzika an edge in terms of technology infrastructure and ecosystem interoperability. NGC believes Muzika can do well and establish a new and better ecosystem for the global music industry.”
According to the press release, the investment group concentrates on investing in blockchain-related projects. It’s previous projects, the company said, were successful in contributing to speeding up the adoption of blockchain technology in Asia.
The capital investment from NGC will absolutely be a turning point in the commercialization of the digital music ecosystem as it starts its expansion into various markets. Inseo Chung, CEO of Muzika, expressed that NGC’s contributions have vividly spelled out an old Chinese saying – “adding wings to a tiger” and that the Korea-based startup is “about to take off for an exciting journey ahead.”
Muzika has exhibited its ability to rattle the status quo in the music industry. It currently has a user base of 2 million and investments from high-profile crypto and blockchain investment groups including 256 Ventures, Everest Ventures Group, and T3 Ventures.
Singapore-based NEO Global Capital, on the other hand, has recently put a capital investment of $1 Million into the Bluzelle Ecosystem, Ontology, P2P Network Trinity, and decentralized IOT Platform Ruffchain. The group has also set its sights on promoting the mass adoption of blockchain in various real-world industries, as well as to disrupt existing business models.
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