Blockchain application Stem received $4.5 million in financing, and the beautiful CEO said it would subvert the music industry

Stem, a startup using blockchain and cryptocurrency technology to build an app that provides content creators with a clear and timely revenue platform, has just raised $4.5 million in seed funding from investors including Upfront Ventures and music industry powerhouse Scooter Braun.

(Picture: The three founders of Stem, Milana Rabkin (center) is the company's CEO)

Launched in 2015, Stem (Stem.is) generates revenue through platforms such as Spotify, YouTube, and SoundCloud. It allows content creators to upload material, create contracts, manage distribution channels, and ultimately generate revenue in a simple way. The startup was co-founded by Tim Luckow, Milana Rabkin, and Jovin Cronin-Wilesmith, who have great faith in digital currencies such as Bitcoin and blockchain verification technology. In a Stem blog post, the company said:

“Digital currencies have the potential to reduce the number of errors in identifying intellectual property ownership, while minimizing the turnaround time and transaction fees for each transaction, making it easier, and allowing payments to be processed in a timely manner, removing human error from the payment process.”

The company says its app allows content creators, such as musicians and video bloggers, to track and earn income through Stem OS. Upfront Ventures, Three Six Zero, Third Wave Digital and Blockchain Capital have invested in the new company. Other venture investors include well-known music industry agents such as Bradford Cobb (Katy Perry) and Scooter Braun (Justin Bieber).

It is reported that in October last year, the company also received an investment from Mark Cuban, but the amount was not disclosed. Stem's goal is to use its financial technology to subvert the current traditional operators. The cryptocurrency technology it will use includes blockchain record keeping, smart contracts and micropayments. Stem plans to use these technologies to disperse the revenue of providers such as SoundCloud and Apple Music.