Since we launched in May last year, Choon quickly grew to be the biggest and most popular music streaming platform on the blockchain. Unfortunately, as many of you know, we launched the platform right at the beginning of a significant downturn in the crypto market. As a result, securing funding in order to continue to scale effectively proved very challenging.
Today, we’re excited to announce a partnership with Emanate. This partnership means that our current users of Choon can join their service and continue their blockchain-based music journey, including a token swap! Choon and Emanate have always shared aligned visions and values. Over these last few months, we’ve realized that rather than fighting the uphill battles separately for independent artists, it made more sense to join forces.
When the decision was made in spring earlier this year, by the original co-founding team, to put a halt to Choon, I was not ready to give it up. I know that the company deserved another push to try to secure a better future for the business and our talented artists and loyal users. It is my mission to provide our users with the opportunity to find success in the music industry. We have faced setbacks, but along the way, we also found many others who supported the same vision. Amongst the many advocates, Emanate, who have been paving the way to provide an alternative to the current model for artist payouts.
The Emanate platform is designed for the future of music, providing artists and labels with automated, instant payments all within a trusted collaboration environment. Emanate is for everyone, anywhere. Their EMT token has traded over $1.8 million USD worth of value on eight crypto exchanges since listing in May 2019, something that was always a goal of Choon to achieve. Details of our partnership are still being finalized, and many of you will be happy to know that Emanate will honor the value of the artist-earned NOTES tokens at recently traded prices, traded into EMT. Choon artists can register here, and more details will follow as we finalize everything.
I wanted to thank every one of the loyal users who gave life and dedication to the project and platform. You’ve defined Choon, and without each and every one of you, getting this far wouldn’t have been possible. Joining forces with the Emanate team is very exciting for Choon, and together as one team, I am more confident now than ever that we have a real shot at fixing the broken music industry and give independent artists better tools and opportunities to profit off their work.
I’m incredibly thankful for all the feedback and interactions I’ve personally have had with many of you, your ongoing support and encouragement has meant the world to me and kept me focused on our mission.
Looking forward to our future success with our friends at Emanate!