Spotify has announced the acquisition of blockchain content startup Mediachain.

Streaming media giant Spotify has announced that it has acquired blockchain content startup Mediachain for an undisclosed amount. It is reported that Mediachain has previously received $1.50 million investment from a16z and Union Square Ventures and is currently building a distributed database that connects creators and authors with the content they create. Spotify said the Mediachain team will join its New York office to help Spotify move further towards a music industry that is more fair, transparent and beneficial to creators and rights holders.