Farcaster Valued at Up to $1 Billion USD

The Paradigm investment fund is planning to invest in the Farcaster SocialFi platform with a valuation of up to $1 billion. Farcaster is a platform favored by Vitalik Buterin.

Azcnews Breaking

According to Bloomberg sources, Merkle Manufactory, a renowned developer with the decentralized social network Farcaster, is currently in the process of raising investment funds with a valuation of up to $1 billion.

Leading this fundraising round is Paradigm, one of the top cryptocurrency investment funds, which has previously invested in several successful crypto projects, including million-dollar unicorns.

Dan Romero, co-founder of Merkle Manufactory, confirmed the information about their SocialFi project fundraising in a post on Farcaster on March 29, without disclosing further specific details.

Merkle Manufactory was founded in 2020 by Romero and Varun Srinivasan, both former managers at the Coinbase exchange. The company currently has two main products: the decentralized social network Farcaster and Warpcast – a social media app with a interface similar to Twitter.

Previously, in July 2022, the company raised $30 million from the a16z Crypto fund.

Raise Farcaster
Raise

Introduction to Farcaster

Farcaster is a SocialFi protocol that provides decentralized social applications, where users control their own data and developers can build apps without requiring third-party permissions. This platform is also enthusiastically endorsed by Vitalik Buterin, the co-founder of Ethereum.

Related: Users Want Vitalik Buterin to Return to Twitter (X)

Anyone can post short text messages on the Farcaster network and connect to their Ethereum address. Verifying ownership of an ETH address will activate features such as displaying NFTs and using them as profile pictures for users.

According to the developers:

Farcaster is a decentralized social network where not only what you say is stored but also what you can prove on the blockchain. Anyone can build a client app to broadcast messages on the Farcaster network.

We have a guide that will show you how to build a simple app to read messages from any user. We are also building the first client app to make it easy for everyone to get started, currently in beta stage.

5.0/5

(3 votes)
  1. Avatar of Kashif jutt
    Kashif jutt

    Plz join the ABC coin

  2. Avatar of dawda muktar
    dawda muktar

    katsina State Nigeria

Leave a Reply

Your email address will not be published. Required fields are marked *

Latest

Nigerian Crypto Influencer Linus Williams Released After Detention

News | Editor Choice | Policy & Regulations

Nigerian Crypto Influencer Linus Williams Released After Detention

Nigerian cryptocurrency celebrity Linus Williams, popularly known as Blord, has been granted bail following three days in police custody. The fintech CEO, who has a significant following in the cryptocurrency community, was detained by the Cybercrime unit of the Nigeria Police Force over allegations of cryptocurrency fraud and terrorism financing linked to his companies. Blord

What Is Banana Gun Information About Banana Token

Editor Choice | Research

What is Banana Gun? Information about BANANA Token

What is Banana Gun? What is noteworthy about the first project on the Binance Airdrops Portal? Is the BANANA Token worth investing in? Let's explore this together with AZCNews!

What Is Pixelverse Information About Pixfi Token

Research | Editor Choice | GameFi

What is Pixelverse? Information about PIXFI Token

What is Pixelverse? What is noteworthy about this renowned game on Telegram? Is the PIXFI Token worth investing in? Let's explore this together with AZCNews!

Azcnews Elon Musk Joe Biden

News | Editor Choice | Policy & Regulations

Elon Musk Ends X Feature Amid Trump vs. Biden Saga

Elon Musk has recently stated that he asked to end a special feature on his social media platform X amid the ongoing Trump vs. Biden chronicles in the U.S. elections.

Binance Announces Listing Of Banana Gun (banana)

News | Altcoin | Editor Choice

Binance Announces Listing of Banana Gun (BANANA)

The Binance exchange has announced the listing of Banana Gun (BANANA), and this is also the first project on the Binance Airdrops Portal!