Social Cryptocurrency Startup Roll Secures $1.7 Million to Rival YouTube To Help Content Creators
- Roll raises $1.7 million seed round with Arthur Hays investing the largest amount
- The goal is to help content creators incentivize their followers
The crypto startup Roll was able to raise a $1.7 seed round in order to help content creators monetize their content.
According to a recent report released by CoinDesk, Roll’s co-founder Bradley Miles said that the most important thing is that creators have to be in control of the economy.
Roll Crypto Startup Gathers $1.7 Million From Investors
Roll’s seed round was led by Arthur Hayes, the CEO of the cryptocurrency exchange BItMEX. However, other investors involved included Gary Vaynerchuk, Techstars Ventures, hustle Fund and Techstars NYC.
In a recently released statement, Hayes said that he is very excited to be working with Roll and that he believes in their vision that allows influencers and artists to better monetize their contribution to the world economy.
According to Miles, Roll is a blockchain protocol and platform that creates social money. Content creators usually have to incentivize their fans to take action. With Roll, creators can create a specific currency that carries their own name and brand based on the Ethereum (ETH) network. He explained that although a random person might not find this interesting at all, however, other individuals could value this a lot.
For example, by using a specific currency created by a content creator, they can incentivize their audience to perform actions and earn these tokens. After it, these coins could be spent on different things such as getting an autograph or joining a live chat, among other things. This ultimately gives real value to things.
At the moment, Miles said that the firm is looking for creators that interact with their fans. They are also expecting to see interest from different fields, including beauty vloggers, gambling streamers and fitness personalities.
Siddharth Kalla, one of the co-founders of Roll, told CoinDesk in a conversation:
“Coming from a philosophical perspective what we are most interested in is the creator should be able to own that relationship with the fans irrespective of the platform.”
Roll will be holding some of the coins that each creator mints, thus, their business model depends a lot on how the platform and project evolve in the market.