Bitfury, the Bitcoin giant plans on innovating the music industry

21 Jan, 2019 | Updated: 21 Jan, 2019
by Colin Hawkins
News
Bitfury, the Bitcoin giant plans on innovating the music industry

Bitfury, through an interview with Reuters, announces that it is launching an entertainment division, to develop and launch an open source blockchain music platform.

Bitfury, based out of London, started life as a Bitcoin mining firm before transforming into a worldwide blockchain company. Bitfury’s new objective is to shift their focus onto decentralizing the music industry. To do this, they’re creating an open source platform called SurroundTM.

SurroundTM’s purpose is to simplify the act of transferring copyright assets. Bitfury wants to bring more power into the hands of the musicians and give them the ability to better manage their property in a hands on approach. Musicians through Bitfury’s new platform will be able to monitor their output and see what works and what does not work, as far as their content goes. Bitfury sees this platform launching innovation within the music industry.

Stefan Schulz, Bitfury SurroundTM CEO commented on why the company is moving their efforts over to the music industry:

“There is a very strong momentum for an open entertainment-related blockchain where market participants themselves would be participating in the market venue, not only from a transactional point of view.”

Bitfury’s plan to make a splash in the music industry is definitely a possibility. Their valuation has recently been set at $1 billion, and they have raised $80 million from investors just within the last year.

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Read more about: Bitcoin (BTC)

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