Celeb-Backed Social Music App Geojam Launches Token after $6 Million Private Sale 

FinanceFeeds Editorial Team

Social music app Geojam raised nearly $6 million in private sale rounds for its crypto token — which drops today. 

Social music app Geojam raised nearly $6 million in private sale rounds for its crypto token — which drops today. 

The Los Angeles-based startup’s token, $JAM, lets users interact with their favourite artists by staking tokens in “proposal pools.” These pools let fans propose ideas to musicians who can then use the backing — if it’s big enough — to make the songs.

The tokens can also be used to buy in-app goods and users will be able to earn $JAM cryptocurrency by engaging with the app and taking part in fan competitions. 

Sarah Figueroa, CEO and co-founder of Geojam, said: “Artists want to engage deeper with their fans, while fans have also demonstrated a desire to engage with their favourite artists. $JAM reward incentives offer a key benefit to the community while also empowering artists to monetize their fandom.”

Justin Rosenbaum, Chief Growth Officer for Geojam, added: “The $JAM community is who decides what happens on the platform, meaning artists and fans can work together towards common objectives within our ecosystem and share the rewards.”

Geojam, founded in 2019, is an Apple iOS social streaming platform. It lets users have “interactive experiences” with artists and music by letting them directly communicate with musicians and share music with friends. It has backing from artists Mariah Carey, Nyjah Huston, 24kGoldn and others. 

Its crypto token today launches through decentralized finance (DeFi) platform Lattice Exchange Launchpad — which is powered by Constellation Network’s Hypergraph protocol. $5.9 million was raised through two private sale rounds. 

The token will run on a blockchain — like Bitcoin and Ethereum — and the idea is that with the tokens having their own unalterable ID, timestamp and rights information, artists (and fans) will be paid fairly for their work. 

Investors can now buy $JAM token allocations at the initial launchpad offering public sale price through the Lattice Exchange Launchpad. 

Read this next

Technology

Spotware Systems unveils version 4.4 of Desktop and Web terminals

Spotware Systems, a technology provider for the electronic trading industry, has launched updated versions of its cTrader Desktop and Web terminals, which add new functionality to join a roster of advanced trading capabilities.

Institutional FX

Integral reports best monthly FX volume in 6 months

Currency trading on Integral’s platforms rose in September to its highest levels since March 2022 as increased volatility across financial markets led to greater activity on institutional FX venues.

Retail FX

OctaFX pre-launches new trading platform as MT4 and MT5 remain suspended by Apple

Like many other brokers within the FX and CFD industry, OctaFX had all its eggs in one basket, MetaQuotes, only offering access to MetaTrader 4 and MetaTrader 5. OctaTrader will provide the much needed change.

Opinion

Is the Bank of England facing another storm? Op-Ed by Stuart Cole, macro economist at Equiti Capital

An analysis and opinion editorial by Stuart Cole, macro economist at Equiti Capital, 3 October 2022 on what triggered the UK gilt market sell-off and is the Bank of England facing another storm?

Industry News

Kim Kardashian fined $1 million for touting EMAX tokens on social media

“Investors are entitled to know whether the publicity of a security is unbiased, and Ms. Kardashian failed to disclose this information.”

Retail FX

INFINOX launches IX Exchange platform with +20,000 markets in UK

“The launch of IX Exchange is a statement of intent for our growth strategy and a game-changer for our clients’ trading potential.”

Retail FX

Saxo issues gloomy report for Q4 2022 and beyond

Globalisation was the biggest driver behind low inflation over the past 30 years and instrumental for emerging markets and their equity markets. Globalisation in reverse will cause turmoil for trade surplus countries, put upward pressure on inflation and threaten the USD as the reserve currency.

Executive Moves

ICE appoints Caterina Caramaschi to oversee interest rates and equity derivatives

“As the head of a product set covering some of the biggest interest rate and equity derivative benchmarks, at a time when investor’s priorities are firmly focused on interest rate changes and the outlook for global economies, Caterina’s two decades of financial market experience, and the relationships cultivated during that, will be invaluable in developing these products to the benefit of our customers.”

Retail FX

Plus500 sponsors Chicago Bulls ahead of trading platform launch in United States

Plus500 has signed a major multi-year sponsorship deal to become an official global partner of iconic NBA team Chicago Bulls. 

<