Xcad Network, the platform that provides people with the tools to become successful content creators across YouTube and other social media channels, has announced that it has raised $3.9m in a private round, led by blockchain technology and venture builder Zilliqa.
Following high demand from investors that included venture capital firms LD Capital, Genesis Block Ventures and AU21 Capital, the funding was capped at a valuation of $20m. Funds were also raised by the DAO Maker launchpad where registrations for a single project reached a record high on the platform.
The capital will be used to build a DeFi plugin for YouTube, allowing content creators to tokenize themselves and earn rewards from their content, while also enabling viewers to earn rewards from watching videos and engaging with the content. A new NFT marketplace will also be built allowing content creators to make their own NFTs in one click, which can then be traded.
Oliver Bell, CEO and co-founder of Xcad Network, said of the new platform: “The unprecedented interest from investors, YouTubers and our community shows that the Xcad Network will see considerable demand from content creators and viewers of content, as it monetizes people’s usage by rewarding their engagement.
“This is an exciting step in Xcad’s journey to becoming an integral part of YouTube that will allow YouTubers to monetize their content above and beyond what they can already do. By creating an environment where both content creators and viewers can monetize their engagement, we expect to see an explosion of activity from both new aspiring YouTubers as well as established ones.”