Hivemind Capital announced via Twitter on Tuesday that it has partnered with Algorand to acquire the music streaming platform Napster. Hivemind said the desire is to revolutionize the music industry by bringing blockchain and Web3 to artists and fans. Music industry veteran Emmy Lovell has been appointed as the interim CEO, the tweet added.
Algorand is an open-source, permissionless, Pure Proof-of-Stake (PPoS) blockchain protocol for “the next generation of financial products”. As such, Algorand ensures "full participation, protection and speed within a truly decentralized network". ALGO is trading at $0.5911 at press time, down by more than 3% in the last 24 hours.