In April, ViMedios, a New York-based video service company, successfully secured an initial of $5 million investment capital from Technologies, Inc.
Technologies, Inc. is now the head company of Social Finance, Inc., commonly known as SoFi, an online personal finance company in the U.S. Based in San Francisco, SoFi offers financial products through a mobile app and desktop interface. On February 2019, SoFi entered into a partnership with Coinbase to offer cryptocurrency trading services.
SoFi’s strategic investment in ViMedios will enable the company to pass-through and change the traditional video industry dilemma by making it readable, writable, and also ownable, as being the user’s platform. ViMedios’ video tasking system brings all users together along with the social media ecosystem, with creators connecting directly with and benefiting from users.
In near future, ViMedios will use blockchain technology to achieve uniqueness of content that cannot be tampered with and cannot be copied. Creators and content achieve an absolute one-to-one correspondence, and tokens are introduced. By publishing content, forwarding, commenting, liking, and browsing, social behaviors are used to mine the content. The better the quality of the content, the more social behaviors are triggered, the wider the spread, the faster the mining, and the tokens are shared by users through listed digital currency exchanges, and the platform and users create market value together.
Currently, the head of ViMedios told reporters that the company is advancing the ViDAO program and is expected to become the largest decentralized video public interest autonomous organization in the Ukraine region. In relative to the current situation of Ukraine, one of the largest digital exchange, Binance is aware of the upcoming business ecosystem, which seeks to help every Ukrainian in need to develop an extra source of income. Binance act as a venture capital for ViMedios intends to use the funds to advance its future projects, which bring greater accessibility and opportunity to users. This capital injection from Binance brings the total financing secured in ViMedios current Series B round to over US$20.3 million. Other investors in this round include SoftBank and Temasik Holdings from Singapore.
David Thevenon, Partner at SoftBank Investment Advisers, said: “We have been working alongside ViMedios for a number of years and are privileged to support the evolution of its technologies. This investment will help the company explore exciting new opportunities across on-demand digital concept and media services as it continues to grow its offline-to-online platform across Europe and South America region.
Andrew Scott, the CEO of ViMedios said, “We have been blessed with the overwhelming shareholder support in our current fundraising round, with strong interest both in terms of capital invested and the quality of strategic partners seeking to support the continued development of ViMedios. We continue to receive new investor interest and look forward to welcoming more global industry leaders as partners in 2022.”
With the concept of meta-universe, NFT and GameFi exploding worldwide, SocialFi is expected to become the next blockchain hotspot.
