LABEL Foundation (LBL) has been listed on South Korean digital asset exchange Coinone. The listing is a huge milestone for the project given that South Korea possesses some of the strictest crypto listing regulations worldwide. The process involves in-depth reporting and high-level scrutiny from local financial watchdogs, all of which LABEL Foundation has successfully passed to be listed on Coinone.
Crypto exchanges like Coinone are among the few left after the market shutdown that saw most crypto exchanges in the region shutter their doors due to the inability to comply with strict regulations. One reason for this is that cryptocurrencies are still not regarded as legal money in the country, and although crypto exchanges are legal, they have to operate under strict guidelines, and crypto projects are not exempt from these regulations.
After proving compliant with these regulations, LABEL Foundation recently received approval to be listed on the crypto exchange with a listing spot with the KRW (South Korean currency). This comes on the heels of Clesson, its parent company, raising $2 million in equity funding to put the project at the forefront of Web 3.0 content creation.
This $2 million equity funding came from two large investment funds; EBest Investment & Securities and Groom Investment, both of which are established players in South Korea.
LABEL Foundation Continues To Grow
Since its inception, LABEL Foundation has grown at a rapid rate and has continued on this trajectory. Its content platform OPENTRACK has gained traction and progress with the release of its 2nd version, in addition to various partnership establishments with leaders in the industry.
The decentralization of the platform has been a strong supporter of this growth, development of an NFT infrastructure and marketplace that is aimed at initiating the influx of secured IP rights. All of which will be NFTized and offered to the users through the incubation platform.
With OPENTRACK, music artists no longer are subjected to predatory profit-sharing systems that prevail in the industry. The platform’s peer-to-peer profit-sharing system makes it a fair and transparent system where artists take home a larger percentage than they would under current systems.
LABEL Foundation is a blockchain-based educational content incubation, NFT, and fee-sharing platform that is changing the face of the music business. The platform attracts top talent from around the world to its content platform OPENTRACK where students are able to develop various musical skills at their own pace. It provides users with simple investment options, as well as fair income-sharing and reliable marketing for artists. Built on the Ethereum network, it is operated by Clesson, a music ed-tech company that is based in South Korea.