Esports platform closes $20 million token sale, launches on blockchain powered by Theta has raised $20 million in a public initial coin offering (ICO) for a cryptocurrency that is aimed at improving the bandwidth available for esports streams

Mike Richardson
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Follow Us has raised $20 million in a public initial coin offering (ICO) for a cryptocurrency that is aimed at improving the bandwidth available for esports streams. wants to use the untapped bandwidth of computer users when their machines are idle. It will then use that bandwidth to provide streams to local viewers. is bringing 360-degree views to traditional 2D esports PC content via their patented technologies, which gives viewers courtside seats to the match, allowing them to change their perspectives and determine where they want to direct their attention.

Those viewers will enjoy improved video quality, and the computer users will earn a cryptocurrency dubbed Theta tokens. The more bandwidth you deliver, the more you earn. You can use those tokens to send gifts to your favorite esports streamers, unlock premium content, or buy and gift virtual items.

Cupertino, California-based said previously it had raised $12 million in a private presale of tokens back in December. But now it has extended the total amount raised through presale of tokens to qualified investors to $20 million. is focusing its efforts on the top couple esports titles right now, Counter Strike: Global Offensive (CS:GO) and League of Legends, which have audiences of tens of millions each.

“Our vision is to create the next generation esports and video streaming ecosystem by democratizing today’s centralized content delivery networks,” said CEO Mitch Liu, in a statement. “We’re thrilled to have the support of so many blockchain and esports experts, we truly believe blockchain technology will disrupt esports and the broader video and media industries. Video content accounts for nearly 80% of all internet data, it’s a huge problem and a multi-billion dollar opportunity that Theta is looking to democratize.”

The token buyers included DHVC, I Blockchain Capital, Nirvana Capital, Aelf, Synapse Capital, and Silicon Valley venture capital firms DCM, Sierra Ventures and the Venture Reality Fund.

Theta Labs advisors include Steve Chen, Co-Founder of YouTube, Justin Kan, Co-Founder of Twitch, Fan Zhang, founding member of Sequoia Capital China, Rajeev Surati, MIT Phd in video compression and streaming, Cliff Morgan, CEO of GFUEL, Sam Wick, Head of UTA Ventures, and Dennis Fong, CEO of aka “Thresh” the world champion of Quake/Doom.

Learn more by reading the Theta Labs whitepaper and reviewing Theta code at Github.

View the full press release here.