Limewire raises $6.5 million, bringing total funding to $16.5 million

Credit: Limewire

Limewire says it exceeded its $15 million funding goal, more than halfway to its $30 million mark.

The project behaved Funds in fiat and cryptocurrencies including Ethereum (ETH), Bitcoin (BTC), USD Coin (USDC), Tether (USDT) and Binance Coin (BNB). Limewire also added payment support for Ripple (XRP), Cardano (ADA), and Polygon (MATIC) chains on May 6.

In April 2022, the platform announced it had raised $10.4 million through a private token sale led by Kraken Ventures, Arrington Capital and GSR while focusing on expanding its music NFT offering . The company hopes to revolutionize the music industry’s approach to crypto and NFT projects, using the name of a popular music piracy app from the early 2000s.

However, apart from the name and branding, nothing about the company is the same. The team behind the Limewire resurrection is based in Vienna, London and Berlin. The platform aims to enable fans and artists to create, buy, and trade digital collectibles without overcoming many of the technical hurdles that limit NFT adoption in the current landscape.

“As artists return to performing in front of live audiences, positioning NFTs as exclusive backstage passes or access to unreleased content becomes an invaluable way to drive direct interaction and loyalty with fans.” adds Akshi Federici, Partner at Kraken Ventures.

Limewire (LMWR) tokens will be listed on public exchanges on May 16th. Owning LMWR tokens will lower trading fees on the platform, give fans access to exclusive community perks, and regular Limewire events. The platform says that going forward, token holders will play a role in deciding which emerging artists will be supported by the Limewire platform and marketplace going forward.

Limewire investors include Capital, CMCC Global, Hivemind, Hard Yaka, Red Beard Venture, FiveT Fintech, DeepTech Ventures, SwissBorg Ventures, 720Mau5 and DAO Jones.