CryptoMediaClub
Tuesday, July 8, 2025
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis
No Result
View All Result
CryptoMediaClub
No Result
View All Result
Home All news

Farcaster Parent Company Valued at Over $1 Billion in Paradigm-Led Funding Round

31.03.2024
A A
0
134
VIEWS
ShareShare

Merkle Manufactory, the company behind the decentralized social network Farcaster, is on the verge of reaching a valuation of $1 billion in its latest funding round.

Leading the funding round is crypto investment firm Paradigm, known for its investments in major cryptocurrency companies like Coinbase, Blur, dYdX, Compound, and Citadel Securities, Bloomberg reported, citing sources familiar with the matter.

Founded in 2020 by former Coinbase executives Dan Romero and Varun Srinivasan, Merkle Manufactory is best known for its flagship social media application called Warpcast.

This application operates on the decentralized network for social media apps known as Farcaster.

Dan Romero confirmed the ongoing capital raise in a post on March 28.

However, Paradigm has not officially confirmed its participation in the funding round.

Merkle previously raised $30 million in July 2022 from venture capital firm A16z Crypto.

Farcaster Sees Spike in User Activity

Farcaster has experienced a significant surge in user activity since January, following the introduction of Frames, a feature that allows apps to run within posts without leaving the platform.

Frames enable users to perform various actions such as minting nonfungible tokens (NFTs), conducting transactions, accessing external blog posts, and participating in surveys directly within the app.

As a result, user engagement has skyrocketed.

According to data from Dune Analytics, the number of daily active users on the Farcaster network surged from around 5,000 on January 28 to over 249,000 on March 30.

Decentralized social media platforms represent a new breed of networks that leverage blockchain technology to offer users ownership over their data, content, and interactions.

These platforms aim to move away from the centralized control typically associated with traditional social media.

Key features of decentralized social media platforms include censorship resistance and the ability to monetize content without intermediaries.

Other popular platforms in this sector include Friend.tech, Minds, and Mastodon.

However, industry executives note that user retention remains one of the greatest challenges for decentralized social media platforms.

Farcaster is Not a Twitter Clone

Romero does not view his decentralized social app as a competitor to Elon Musk’s Twitter, which is now called X.

“I don’t think anything is working as a Twitter alternative,” he said in a recent interview.

Romero emphasized that attempting to replicate Twitter’s model would not lead to success, citing the example of Meta (formerly Facebook).

Despite Meta’s vast resources and distribution, their Threads feature has failed to make a significant dent in Twitter’s dominance.

Romero believes that public square conversations, in a format similar to Twitter, still predominantly occur on Twitter.

You’re hiding an entirely new developer paradigm underneath that Twitter clone of yours, are you not? pic.twitter.com/4KY5pyx9Oe

— Dan Romero (@dwr) February 8, 2024

Farcaster has grand ambitions, seeking to reach a billion daily active users—an ambitious goal considering the platform currently boasts over 160,000 signups, according to data from Dune.

Romero firmly believes that achieving such widespread adoption requires a fundamental reimagining of the social media paradigm.

“What we are doing with Farcaster is trying to build something new and different,” emphasizing their focus on cultivating the largest community of developers.

The post Farcaster Parent Company Valued at Over $1 Billion in Paradigm-Led Funding Round appeared first on Cryptonews.

Share10Tweet6ShareSharePin2

Related Posts

London Duo Jailed for $2 Million Crypto Scheme
All news

London Duo Jailed for $2 Million Crypto Scheme

08.07.2025
0

Two residents of Greater London have been sentenced to over a decade behind bars after they defrauded dozens of investors...

Read moreDetails
ChatGPT’s 42-Signal TON Analysis Flags Critical $2.70 Support Collapse After UAE Golden Visa Scandal

ChatGPT’s 42-Signal TON Analysis Flags Critical $2.70 Support Collapse After UAE Golden Visa Scandal

08.07.2025
Pi Coin Price Prediction: Daily Volume Collapses Below $100M – Are Whales Dumping and Vanishing for Good?

Pi Coin Price Prediction: Daily Volume Collapses Below $100M – Are Whales Dumping and Vanishing for Good?

07.07.2025
BONK’s SOL Buying Spree Counters Pump.Fun $741M Sell-off – Can LetsBONK Trigger 70% Pump?

BONK’s SOL Buying Spree Counters Pump.Fun $741M Sell-off – Can LetsBONK Trigger 70% Pump?

07.07.2025
Pepe Price Prediction: PEPE Explodes Out of Falling Wedge Pattern – $1 PEPE Next Target?

Pepe Price Prediction: PEPE Explodes Out of Falling Wedge Pattern – $1 PEPE Next Target?

07.07.2025
Load More
Next Post
Tinkoff Bank Wins ‘Digital Assets’ Operating Permit in Russia

Tinkoff Bank Wins ‘Digital Assets’ Operating Permit in Russia

3.5 2 votes
Рейтинг статьи
Subscribe
Notify of
guest
guest
0 комментариев
Oldest
Newest Most Voted
Inline Feedbacks
View all comments

Recommended

Top Crypto Gainers Today on DEXScreener – EGOD, SMERF, HARAMBE

Top Crypto Gainers Today on DEXScreener – EGOD, SMERF, HARAMBE

1 year ago
Circle Spearheads Innovation with Native USDC Launch on Arbitrum

Circle Spearheads Innovation with Native USDC Launch on Arbitrum

2 years ago
Crypto Makes Big Strides in User Growth, Stablecoin Adoption, and DeFi: a16z Crypto Report

Crypto Makes Big Strides in User Growth, Stablecoin Adoption, and DeFi: a16z Crypto Report

9 months ago
XRP Bulls Eye Crucial $0.5 Mark Amidst Market Stagnation

XRP Bulls Eye Crucial $0.5 Mark Amidst Market Stagnation

2 years ago

Categories

  • All news
  • Altcoins
  • Analysis
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
No Result
View All Result

Highlights

Pi Coin Price Prediction: Daily Volume Collapses Below $100M – Are Whales Dumping and Vanishing for Good?

DDC Enterprise’s Bold Bitcoin Move: Boosting Holdings to 368 BTC Signals Strategic Shift

BONK’s SOL Buying Spree Counters Pump.Fun $741M Sell-off – Can LetsBONK Trigger 70% Pump?

Canaan’s Astounding 1,484 BTC Holdings: A Bitcoin Mining Powerhouse Emerges

Pepe Price Prediction: PEPE Explodes Out of Falling Wedge Pattern – $1 PEPE Next Target?

Coinsilium’s Strategic Bitcoin Accumulation: A Bold Move in Digital Assets

Trending

London Duo Jailed for $2 Million Crypto Scheme
All news

London Duo Jailed for $2 Million Crypto Scheme

08.07.2025
0

Two residents of Greater London have been sentenced to over a decade behind bars after they defrauded...

Bitcoin remains stuck in $100k-$110k band as retail and whales enter potential standoff

Bitcoin remains stuck in $100k-$110k band as retail and whales enter potential standoff

08.07.2025
ChatGPT’s 42-Signal TON Analysis Flags Critical $2.70 Support Collapse After UAE Golden Visa Scandal

ChatGPT’s 42-Signal TON Analysis Flags Critical $2.70 Support Collapse After UAE Golden Visa Scandal

08.07.2025
Pi Coin Price Prediction: Daily Volume Collapses Below $100M – Are Whales Dumping and Vanishing for Good?

Pi Coin Price Prediction: Daily Volume Collapses Below $100M – Are Whales Dumping and Vanishing for Good?

07.07.2025
DDC Enterprise’s Bold Bitcoin Move: Boosting Holdings to 368 BTC Signals Strategic Shift

DDC Enterprise’s Bold Bitcoin Move: Boosting Holdings to 368 BTC Signals Strategic Shift

07.07.2025
  • All news
  • Altcoins
  • Bitcoin
  • Blockchain
  • Ethereum
  • NFT
  • Analysis
Editor: cryptomediaclub.com@gmail.com
Advertising: digestmediaholding@gmail.com

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

No Result
View All Result
  • All news
  • Bitcoin
  • Ethereum
  • Altcoins
  • NFT
  • Blockchain
  • Analysis

Disclaimer: Information found on CryptoMediaClub is those of writers quoted. It does not represent the opinions of CryptoMediaClub on whether to sell, buy or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk.
CryptoMediaClub covers fintech, blockchain and Bitcoin bringing you the latest crypto news and analyses on the future of money.

© 2023 Crypto News. All Rights Reserved

wpDiscuz