UNTOLD Dubai music festival taps Camp Network lending pools for short-term financing

Camp Network, a leading IP-focused blockchain project, is reportedly helping to finance an upcoming festival in Dubai using crypto lending pools, according to a release shared with The Block on Thursday.

Under a pilot program, Camp will set up a dedicated onchain vault to provide “short-term operational liquidity” to RHUNA, a crypto infrastructure, stablecoin, and rewards startup tapped by the UNTOLD Dubai event scheduled for early November.

As part of the arrangement, RHUNA will be able to access “operational liquidity at potentially lower blended costs than traditional financing, with transparent, code-enforced terms,” the teams wrote.

“Lenders participate in festival performance, while founders access flexible working capital. Moreover, fans and partners can become onchain stakeholders in how a festival comes to life,” Camp and RHUNA added.

According to Camp founder James Chi, the decentralized lending pools will operate on the Camp network. Eligible participants can deposit funds that will then be used to book talent and produce the show, “with real-time, auditable flows.”

“The vault’s terms, drawdowns, and repayments are codified in smart contracts, so every movement of funds is auditable end-to-end while RHUNA accesses short-term working capital to secure talent and production,” Camp co-founder Nirav Murthy said.

Camp is a Layer 1 blockchain that uses a bespoke Proof of Provenance consensus mechanism for embedding and tokenizing data like IP registration, licensing, and royalty distribution agreements onchain. 1kx and Blockchain Capital led Camp Network’s $30 million Series A earlier this year .

RHUNA, founded by the creators of UNTOLD, earlier this month disclosed its $2 million seed round led by Aptos Labs, with participation from Acc Ventures, X Ventures, NewTribe Capital, Keyrock, CoinMarketCap Labs, FunFair, Lémanique, and others.

The team claims its infrastructure has “already powered over 165 events and major festivals,” including previous UNTOLD events.

Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures .

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UNTOLD Dubai music festival taps Camp Network lending pools for short-term financing

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