Farcaster, a decentralized social media protocol built on Ethereum, has achieved a significant milestone.
The company’s successful Series A funding round, raising an impressive $150 million, shows its growing influence and the increasing demand for decentralized social media solutions.
Significant Funding Round Led by Paradigm and Key Investors
Paradigm, a well-known crypto investment firm, led the funding round. Additional participation came from Andreessen Horowitz’s a16z, Haun Ventures, Union Square Ventures, Variant, and Standard Crypto. This influx of capital values Farcaster at $1 billion, marking it as the latest crypto unicorn.
Dan Romero, co-founder of Farcaster, said the company will use the funds to enhance the platform’s capabilities, expand the user base, and launch new features for both users and developers.
“We’re focused on two main goals for the rest of the year: growing our daily active users and adding developer primitives to the protocol like channels and direct messaging”, he stated.
Farcaster was founded in 2020 by Coinbase alumni Dan Romero and Varun Srinivasan. It aims to provide a censorship-resistant, privacy-focused platform where users have complete control over their data and social interactions.
The latest capital infusion comes during a period of rapid expansion. Since its permissionless launch in October 2023, Farcaster has seen impressive growth, with 350,000 paid sign-ups and a 50-fold increase in network activity.
Curiously, DEGEN, a token created by the Farcaster users, rose over 17% after recent news and is now trading at $0.021, as reported by BeInCrypto. Despite not being an official token, the meme coin has gained popularity as a community-driven asset.
Read more: 7 Best Base Chain Meme Coins to Watch in 2024
Looking ahead, Farcaster has a clear roadmap. The platform will continue expanding its protocol support, recently adding the Layer-2 blockchain Arbitrum. This strategic expansion, bringing the total supported networks to three, offers users and developers more options and flexibility.
“We are committed to growing Farcaster into an internet-scale protocol. Our focus on user and developer growth is a testament to our belief in the platform’s potential,” adds Romero.
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