LABEL Foundation Debuts on South Korean Digital Asset Exchange Coinone
LABEL Foundation (LBL) is listed on South Korean digital asset exchange Coinone. The listing is a huge milestone for the project, as South Korea has some of the strictest crypto-listing rules in the world. The process involves in-depth reporting and high-level auditing by local financial watchdogs, all of which have successfully passed the LABEL Foundation to be listed on Coinone.
Crypto exchanges like Coinone are among the few left after the market shutdown, with most crypto exchanges in the region having to close due to inability to comply with strict regulations. One reason for this is that cryptocurrencies are still not considered legal money in the countryand while crypto exchanges are legal, they must operate under strict guidelines, and crypto projects are not exempt from these regulations.
After proving to be 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, the parent company, which has raised $2 million in equity financing to put the project at the forefront of Web 3.0 content creation.
This $2 million equity funding came from two major investment funds; EBest Investment & Securities and Groom Investment, both established players in South Korea.
LABEL Foundation continues to grow
Since its foundation, the LABEL Foundation has grown at a rapid pace and has continued on this path. The content platform OPENTRACK has gained traction and progress with the release of the 2nd version, in addition to several partnerships with industry leaders.
The decentralization of the platform has been a strong proponent of this growth, developing an NFT infrastructure and marketplace aimed at triggering the influx of secure IP rights. All this will be NFTized and offered to the users through the incubation platform.
With OPENTRACK, music artists are no longer subject to the 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 with artists taking home a greater percentage than under current systems.
LABEL Foundation is a blockchain-based incubation, NFT, and fee-sharing platform for educational content that is changing the face of the music industry. The platform attracts top talent from all over the world to its content platform OPENTRACK where students can develop different musical skills at their own pace. It provides users with easy investment options as well as fair income distribution and reliable artist marketing. It is built on the Ethereum network and is operated by: Clessona music ed-tech company based in South Korea.