Exciting news has emerged from the world of Web3 streaming platforms, as UAE-based Myco, a leading Web3 streaming platform with over 13 million registered users and 3 million monthly active users, has successfully raised $10 million in a Series A funding round.

This major investment was led by prominent names such as Daman Investments, Aptos Labs, B Digital, Mocha Ventures, Art3 Foundation, Ghaf Capital Partners, Mix Media Network, Factor6 Capital Partners, and Enjinstarter, in addition to several angel investors. As a result of this funding round, the company is now valued at an impressive $80 million.

The injection of funds represents a significant milestone for Myco, as it will facilitate the company’s plans to expand its presence in the Middle East and North American markets.

Myco has already made waves in the industry through its innovative approach, having previously announced a partnership with the Aptos Foundation to decentralise streaming content on the Aptos blockchain.

The focus of this collaboration will centre around technical integration, developing builder resources, and a mutual commitment to advancing Web3 technologies, delivering next-generation, decentralised digital streaming experiences, and promoting mass adoption of Web3.

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This strategic partnership also aligns with Myco’s upcoming launch of its native utility token on the Aptos blockchain, scheduled for early Q4 2024.

Myco’s roadmap further outlines plans for transitioning Myco.io’s existing infrastructure to the Aptos blockchain, supporting Myco’s long-term vision of becoming a fully decentralized platform.

Myco stands out as a content streaming decentralised application (dApp) that seamlessly integrates AVOD (advertising-based video on demand) and SVOD (subscription video on demand) functionalities within a decentralised environment.

Leveraging the Web3 economic layer, Myco empowers both viewers and content owners with true ownership and control. Currently, the platform offers a wide range of content, including live sports, movies, documentaries, and user-generated content (UGC).

Myco stands as a key player in the Web3 ecosystem, offering a diverse range of content from live sports to documentaries, movies, and user-generated content.

Commenting on the partnership, Hani El Khatib, Co-Founder & Chief of Web3 at Myco, expressed that “Launching on Aptos is a significant milestone in Myco.io’s journey to transform the streaming industry.

Aptos’ advanced blockchain technology will support the launch of our sustainable and efficient token, enhancing our platform’s scalability and security while providing a superior user experience.”

The integration of blockchain technology into streaming offers content creators enhanced security, transparency, and decentralised control over content distribution, reducing reliance on intermediaries.

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For users, it ensures greater privacy, fairer monetisation, and access to a broader range of content with verifiable authenticity, empowering the community with more ownership, trust, and engagement in the streaming ecosystem.

Mo Shaikh, Co-Founder & CEO of Aptos Labs, conveyed his confidence in Myco’s potential to drive user-first and user-driven Web3 adoption, stating that “They will be instrumental in expanding access to internet-grade streaming content onchain with clear benefits for streamers, builders, and viewers, alike.”

The partnership between Myco and the Aptos Foundation represents a significant step towards enhancing the streaming industry by utilising the potential of blockchain technology.

As both entities push ahead with their innovative initiatives, the future of decentralised streaming and content ownership looks increasingly promising.