LOS ANGELES, March 06, 2018 (GLOBE NEWSWIRE) -- VideoCoin, a crypto token powering a decentralized video encoding, storage, and content distribution system built on blockchain, today announced it passed $35 million toward its $50 million hard cap in private presale funding from a who’s who of the most influential crypto funds in the U.S., Asia, India, Europe and South America, as well as the co-founders of Akamai and Ethereum. With their support and backing, the VideoCoin team has further secured global reach and influence, and access to the world’s biggest data centers to become VideoCoin Network miners.

Leading fund partners include Alphabit Fund, Alphacoin Fund, Anthony Diiorio, Co-Founder of Ethereum and Founder and CEO of Jaxx and Decentral, Arcadia Crypto Fund, BaseTwo Capital, Binary Financial, Bracknor Investment Group, Distributed Network Advisors (DNA), DreamEdge Ventures, Galaxy Investment Partners, Grit Capital, iAngels, JUMP Investors and Akamai Co-Founder Randall Kaplan, Juno Capital, Lvna Fund, CEO of PolyMath, RenGen Partners, Science Blockchain, Sovereign Funds, The Original Capital, Team in Residence, and Tokenstack Fund.

With these strategic global partners in place, VideoCoin has also achieved the necessary influence and reach into each strategic region of the world, where the VideoCoin Network is now poised to disrupt the video services industry and usher in a new era of low-cost video encoding, storage and delivery.

Further, due to the overwhelming demand to participate in the development of the VideoCoin Network, this 2018 blue chip project also announced it will not conduct a public contribution round as part of its token sale.

“We are thankful to be in this position as we have been selective in our targeted funds. My team has been heavily vetted and in turn, we’ve earned the trust and contributions of these global business leaders,” said Halsey Minor, CEO of Live Planet, a strategic technology partner and an investor in the VideoCoin Network. “It validates our long term vision and lays the necessary foundation for our global platform to be the Airbnb or Uber of video. With these key global partners in place, we can now focus on our passionate community of users and followers.”

Minor is an accomplished internet pioneer who is known for founding and leading many of the world’s most innovative companies that have created over $100 billion in cumulative value including CNET Networks, cryptocurrency platform Uphold, Google Voice, OpenDNS and Salesforce. The VideoCoin Network team also includes Live Planet CTO Devadutta Ghat, who previously led the Intel Video Transcode and Streaming Team, whose video platform architecture was acquired and deployed by Facebook.

Regarded as “the Silicon Valley investor with the Midas touch,” Jon Teo and Binary Financial are excited to back this all star team. “We pride ourselves on picking early winners. Frankly speaking, many projects have tried to tackle this massive endeavor over the years, and these guys are the only ones who have solved it,” said Teo, who is a former Benchmark Capital venture partner and seed investor in Twitter, Snapchat and Instagram.

As VideoCoin proceeds to wrap up the private token sale ahead of schedule, the team will turn its focus to strategic partnerships and product roadmap, in order to grow the VideoCoin Network global community.

For more information, please visit https://videocoin.io/ or join the Telegram group https://t.me/videocoin.

ABOUT VIDEOCOIN
The VideoCoin Network is a decentralized video encoding, storage, and content distribution system that turns all cloud-based video services into an efficient algorithmic market running on a new blockchain with a native protocol token, the VideoCoin (VID), developed by the VideoCoin Development Association Ltd. (Cayman Islands). Powered by a large-scale, distributed cloud video infrastructure, the VideoCoin Network will usher in “the new cloud” by marshaling computing resources from around the world to revolutionize video with blockchain technology. The VideoCoin Network ecosystem will lower costs by deploying unused compute resources, enable a new generation of applications via open APIs and open source-based development, disintermediate media behemoths with peer-to-peer video distribution, and increase privacy with decentralized, end-to-end encryption.

For more information on VideoCoin, visit https://videocoin.io/ or join our Telegram group here.

ABOUT LIVE PLANET
Live Planet, Inc. produces the only end-to-end capture, distribution, and monetization system for immersive video. The LIVE PLANET System makes it easy, practical, and affordable to create and deliver stereoscopic VR and 360° video, whether live or recorded, allowing creators to focus on their productions and applications. Live Planet, Inc. is based in Los Angeles and San Jose, CA.

For more information on Live Planet, Inc., please visit www.LivePlanet.net or contact info@liveplanet.net.

MEDIA CONTACT: Transform Group, videocoin@transform.pr

This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest. VideoCoin tokens and virtual currencies, in general, are not legal tender, in any country, and are not backed by any government as legal tender, nor should they be treated as such.

This announcement does not constitute a prospectus of any sort; it is not a solicitation for investment and does not in any way pertain to an offering of securities in any country. The token sale is limited to purchasers who are: (i) not 'U.S. Persons' (as defined in Regulation S under the U.S. Securities Act of 1933, as amended) and not purchasing for the account or benefit of any U.S. Persons and (ii) eligible to purchase VideoCoin tokens under the applicable laws of each such purchaser’s jurisdiction. United States citizens, and U.S. legal residents are expressly excluded from contributing in exchange for any VideoCoin tokens, unless otherwise expressly noted.

This release constitutes a description of the VideoCoin Network and the functionality of VideoCoin tokens; it is for informational purposes only and may change as the technology develops over time.