KOR Protocol Raises $7.5M to Pay Artists Using Blockchain

A new startup wants to make sure artists get paid fairly for their work — using blockchain technology. KOR Protocol, a company focused on the entertainment industry, just raised fresh money from some big-name investors.

The company completed what's called a Series A funding round (an early stage where a startup raises money from investors to grow its business). Here are the key numbers:

• $7.5 million raised in total
• $100 million valuation (what investors think the whole company is worth)
• Backed by well-known crypto investment firms 1kx and Blockchain Capital

So what does KOR Protocol actually do? It's building an "onchain creative asset clearinghouse." In plain English, that means a digital system that records who owns creative works — like songs and movies — and helps make sure the right people get paid when their work is used.

The system is built on Coinbase's Layer 2 blockchain (a blockchain is a secure digital record book; a "Layer 2" is an add-on that makes transactions faster and cheaper). It uses stablecoins like USDC (a type of cryptocurrency designed to always be worth about $1) to send payments. A neat feature is "programmable splits" — meaning money can be automatically divided among everyone involved in a project, like a songwriter, producer, and label.

The CEO, Ritty Quin, is an electronic music producer himself. He said it's hard for artists to turn good work into steady income, and KOR aims to fix that by connecting talent with the right opportunities earlier.

KOR isn't alone in this space. Other companies, like Story Protocol, are also using blockchain to protect intellectual property (creative ideas and works). This trend is growing partly because of AI, which can copy or use creative work — making ownership records more important than ever.

KOR plans to use the new money to improve its platform, form partnerships, and eventually launch its own token (a digital coin tied to the project).

Bottom line: This funding shows growing investor interest in using blockchain to help artists get recognized and paid fairly in the digital age.

This is an AI-generated summary. Read the original article at: https://www.theblock.co/post/407465/1kx-blockchain-capital-7-5-million-kor-protocol-series-a-100-million-valuation?utm_source=rss&utm_medium=rss