Livepeer, an Ethereum-based video transcoding network, has raised $20 million in a Series B funding round. According to The Block, the company raised an additional $20 million for its ongoing funding from Alan Howard, Tiger Global, Digital Currency Group, Northzone, and Warburg Serres.

Livepeer CEO Doug Petkanics says the latest round brought total funding to date to $51 million. The New York-based company plans to use the proceeds to expand its market share and extend the network’s reach across multiple blockchain ecosystems.

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Shortly after the news broke, the price of the livepeer (LPT) token jumped by almost 20% up to $51.02. As of press time, the token's market capitalization increased to $1 billion.