Theta Labs, the company behind the Theta Network, has recently closed a new strategic funding round that was led by tech giants such as Samsung NEXT and Blockchain. Other companies that participated in the funding round include Uphonest Capital, Wei Fund, Igen Fusion Capital, and many others.
Theta Labs Receives Support From Samsung NEXT and Blockchain
One of the largest non-custodial cryptocurrency wallets in the market, Blockchain, has decided to invest in Theta. According to a recent report released by Forbes, Samuel Harrison, Managing Partner at Blockchain, explained Theta could drive real user adoption and act as a novel way to on-ramp users into the crypto ecosystem.
Theta Labs, Inc. CEO, Mitch Liu, commented about the work they are doing with Samsung and Blockchain:
“We’ve been working with Samsung and Blockchain for some time now, and with this new funding round, we look forward to aligning our strategic interests and invest in Theta project’s success. We’re building a deep relationship with these two world-class companies, and with this additional investment, Theta is now fully funded through 2021 and beyond.”
This would help the company to execute its go-to-market strategy and its vision to build a decentralized global data delivery platform.
Users can share their excess bandwidth and resources in order to receive rewards through a decentralized video delivery protocol. Thus, Theta users can earn up to $16 per month that can be used to cover a typical video platform’s subscription. The project has already processed more than 2.7 million on-chain transactions that represent 60 video segment micropayments each.
The company has already partnered with different companies such as Samsung VR, MBN, CJ Hello, and many others. According to Forbes, SILVER.tv, Samsung VR and other companies will be reducing their content delivery (CDN) costs, which will allow for increasing incremental revenue and improve viewer engagement.