- Opulous will provide access to capital for artists outside of traditional financial institutions.
- The first-ever decentralised finance offering backed by music as an asset class
- TrustVerse’s MarS wallet and MasterKey private key security solution to support digital music asset-based financial services
- Opulous appoints TrustVerse CEO Michael Kiook Jeoung and Borderless Capital CEO and managing partner David Garcia as advisors
- TrustVerse became seed investor for the Opulous project by Ditto Music along with Borderless Capital, Algorand Foundation and more.
- First announced in London, UK on 1st of Feb, 2022.
Ditto, the award-winning global music distribution and record label services company, which has processed more than $1 billion in royalties to date, has today announced Opulous: a pioneering peer-to-peer platform to help increase artists’ access to capital without the need for traditional institutions such as banks.
The idea was inspired by Ditto’s 250,000 plus users, many of which hold their streaming revenues in their accounts but may not be eligible for financial support through traditional means. Open to anyone, not just Ditto users, Opulous offers a bold new venture for investors while providing the option of financial support for artists who are looking to fund the next stage of their careers.
Opulous will use blockchain technology to connect investors with artists needing a loan, driving fresh investment into an industry that is set to double its revenues over the next decade. Smart contracts will automate monthly premiums, interest repayments and direct profits straight to investors. It will onboard staking from other parties to enable the widest possible backing available.
Opulous has added Michael Kiook Jeoung, CEO of TrustVerse. David Garcia, CEO and Managing Partner of Borderless Capital as an advisor.
‘Using blockchain technology to democratize the access to the music’s capital markets is really disruptive and unique. We are excited to back the Opulous platform and for the opportunities this is bringing to investors and music artists. By building on top of the Algorand blockchain, Opulous platform will perform as one of the first real world DeFi applications’.
Currently in development by Ditto and RandLabs, with a minimal viable product (MVP) expected in two months, Opulous is being built on Algorand’s public blockchain. Founded in 2017 by the acclaimed cryptographer Silvio Micali, Algorand is an open-source public blockchain based on a pure proof-of-stake consensus protocol that supports quick, efficient and secure transactions anywhere in the world.
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