Spotify acquired blockchain startup Mediachain
The New York-based startup raised $1.5 million from venture capitalists Andreesen-Horowitz and Union Square Ventures, according to Crunchbase.
The startup was building a distributed database linking original creators and authors to the content they create. It started with photography, partnering with Getty Images and the Museum of Modern Art, and had the goal of expanding into all kinds of media.
A blog post announcing the startup's funding round said: "Imagine being able to connect with the artist of a viral GIF you see in your feed, learn the history or origin of any image, or automatically reward a musician whenever you press play."
In a press release Spotify said: "The Mediachain team will join our New York City offices and help further Spotify's journey towards a more fair, transparent and rewarding music industry for creators and rights owners."
In a blog post Mediachain explained its team has past experience in the digital music industry. The startup's CTO, Arkadiy Kukarkin, was the first engineering hire at HypeMachine and co-founder Jesse Walden previously ran an artist management firm.