Decentralized video streaming platform Livepeer, built on the Ethereum blockchain, has raised $20 million in an extension round of its Series B funding round.
Alan Howerd and Tiger Global participated in the funding round with investors such as Digital Currency Group, Northzone and Warburg Serres.
The series B extension round comes five months after Livepeer has raised $20 million in series B funding. Livepeer’s CEO, Doug Petkanics, said in a statement that Livepeer’s total funding to date has reached 51 million dollars.
Livepeer hopes to expand its market share with the additional capital raised. Petkanics said the project will come with a massive scale-up solution called Confluence, which will port Livepeer’s internal protocol to Arbitrum, its Layer 2 network. This will ensure that the Livepeer token (LPT) and the core security mechanism linked to Ethereum are also protected.
Livepeer also plans to add video NFT support in the future.