HITCO-Backed Fan Funding Company Corite to Launch Blockchain Platform, Closes US $ 2.2 Million Presale for $ CO Token
Sweden-born fan fundraising platform Corite – co-founded by Universal Music Sweden alumni Mattias Tengblad (CEO) and Emil Angervall (COO) – plans to launch a new blockchain-based platform.
The announcement follows the company’s successful closing of a US $ 2.2 million pre-salee for the utility token $ CO which will serve as the native currency of the platform.
The platform will be allow holders of $ CO tokens to participate in the funding and promotion of blockchain fans, get early access to invest in musical projects, in addition to winning rewards for “contributing and participating in the governance of the Corite ecosystem, ”according to a press release.
The project is developed in partnership with Swedish blockchain technology pioneers of ChromaWay.
Investors include NGC, CoinCO, Coin98, KuCoin, Kyros, Exnetworkcapital, Bella Finance, 1001 capital, Hilbert Capital, artist Danny Saucedo and Hitco Entertainment co-founder Charles Goldstuck.
Development on the is already underway, with a minimum viable product (MVP) slated for Q3 2021.
Cority, which partnered with Los Angeles-based HITCO Entertainment in May, allows fans to invest directly in their favorite artists and in return earn a portion of the streaming royalties from those artists.
HITCO, led by LA Reid and Charles Goldstuck, acquired a minority stake in Corite as part of the partnership announced in May, which sees the platform expand into the United States.
Corite was launched in Sweden in 2019 and has since expanded to Europe as well. The company says that tthousands of donors have signed up to become active players in their favorite artists via the platform.
The platform has carried out more than 150 campaigns, generating millions of flows. Artist collaborations include Danny Saucedo, Sabina Ddumba, Kid Travis and King Charles.
“The new music industry will be led by hundreds of thousands of independent artists using the power of fans to develop their careers.”
Mattias Tengblad, Corité
Mattias Tengblad, CEO and Co-Founder of Corite said, “The new music industry will be driven by hundreds of thousands of independent artists. use the power of fans to advance their careers.
“Blockchain technology is the perfect response to this trend, allowing artists to keep control of their art with greater margins and also create new revenue streams by monetizing digital art and music. This do we call fan power.“
“With this next big step in the evolution of Corite, fans will be able to actively invest in artists and music using cryptocurrency.”
Emil Angervall, Corité
Emil Angervall, co-founder of Corite added: “With this next big step in the evolution of Corite, fans will be able to actively invest in artists and music using cryptocurrency.
“The sharing of royalties and other public services are secured by smart contracts on the blockchain. Our vision is to build a real decentralized platform – led by artists, supported by fans.Music trade around the world