Spotify has acquired US blockchain startup Mediachain Labs, though no terms were disclosed.
Mediachain Labs, headquartered in Brooklyn, has created a solution called the Mediachain protocol, via the blockchain, that links a creator’s content online with information about the creator.
As part of the acquisition, Mediachain Labs will be joining Spotify’s New York office while the startup’s source code and documentation will remain open source, it said.
“Over the last three years, we’ve developed open, decentralized data infrastructure, built open-first applications to surface attribution for creators, and even prototyped our own cryptocurrency to reward creators and curators for their contributions to culture,” said Mediachain in its announcement today.
“Spotify is very much a part of this community, a champion of transparency and open data for artists.”
The startup had raised $1.5 million in funding up until this point.