<p>Livepeer, a decentralized video streaming platform built on the Ethereum blockchain, has raised $20 million in a Series B extension round.</p> <p>Alan Howard and Tiger Global participated in the round, along with existing investors such as Digital Currency Group, Northzone, and Warburg Serres. There was no lead investor in this round.</p> <p>The Series B extension round comes just five months after Livepeer <a href="https://www.theblockcrypto.com/post/112920/ethereum-video-streaming-platform-livepeer-20-million-series-b">raised $20 million in Series B funding</a>. The new round is also an equity round and brings Livepeer's total funding to date to around $51 million, its co-founder and CEO Doug Petkanics told The Block.</p> <p>With additional capital in place, Livepeer plans to expand its market share. Petkanics said the project has a large scaling update scheduled for shipping early this year called Confluence, which will move Livepeer's internal protocol from Ethereum's base layer to the Layer 2 network <a href="https://www.theblockcrypto.com/post/116148/ethereum-scaling-solution-arbitrum-launches-mainnet-raises-120-million-funding">Arbitrum.</a> This will also keep the Livepeer token (LPT) and core security mechanism anchored to Ethereum.</p> <p>The scaling update "will enable cost-effective participation for our supply-side node operators and token holding delegators," said Petkanics.</p> <p>In the future, Livepeer also plans to expand its capability across the media value chain, including video NFT support. Livepeer is a decentralized platform for transcoding videos — the process of converting a video from one file format to another.</p> <p>"We've seen strong organic growth in demand for transcoding, as well as growing awareness of the reliability, value, and efficiency of web3 infrastructure," said Petkanics.</p>