Farcaster Developer Merkle Gets Unicorn Valuation Amid Market Shift
Highlights
- Farcaster developer Merkle is planning to raise around $1 billion.
- In July 2022, Merkle completed a $30 million funding round headed by a16z Crypto.
- Farcaster, a decentralized social media protocol, has gained significant attention.
Farcaster developer Merkle is planning to raise around $1 billion, according to a report by Bloomberg. The funding is likely to give the firm a unicorn status and also highlights a changing dynamic in the dysphoria of the crypto-related social media realm.
Merkle to Raise $1 Billion
Bloomberg on Saturday reported, that Merkle, a software developer for decentralized social networks that was established by two former executives of Coinbase Global Inc. is almost done with a funding round that would value the company at roughly $1 billion.
According to insiders who asked to remain anonymous because the specifics of the deal have not been disclosed, Paradigm, a cryptocurrency investment group, is spearheading the investment in Los Angeles-based Merkle Manufactory, whose software powers the Farcaster social media network.
Read Also: AI News: Researchers Uncover Potential Security Threats To ChatGPT
Merkle’s Two Major Products
Merkle was formed in 2020 and offers two primary products: Warpcast, an app that is built on top of Farcaster and bears a striking resemblance to X, the social media network that was once known as Twitter, and the Farcaster protocol, which incorporates a blockchain component. Alongside former Coinbase senior director Varun Srinivasan, Romero co-founded the company.
In July 2022, Merkle completed a $30 million funding round headed by a16z Crypto.
Farcaster Gains Market Acceptance
Following a recent update that attracted thousands of new users, Farcaster, a decentralized social media protocol, has gained significant attention. Its main software, Warpcast, is one of the decentralized social media networks made possible by the Farcaster social media protocol.
Farcaster, developed in 2020 by Coinbase seasoned developers Dan Romero and Varun Srinivasan, is built on the Ethereum scaling network Optimism. Prominent figures in the cryptocurrency space, such as Ethereum co-founder Vitalik Buterin and core developer Tim Beiko, have praised the site for offering an open and uncensored online social experience.
Read Also: Fetch AI (FET) Bags Neutral Rating, Price Slips Below Broader Market
- 99.3% of Bitcoin Supply in Profit, Analyst Warns of Short-Term Correction
- Pro-Crypto Mike Selig Emerges As CFTC Chair Frontrunner, Gains Ripple CLO’s Endorsement
- ‘Every Crypto ETF You Can Imagine’: Expert Predicts Flurry of Filings After REX-Osprey’s 21 Applications
- Robinhood Lists Strategy’s Bitcoin-Backed Stocks, Boosting Saylor’s BTC Credit Model
- Bitcoin ETFs See 2025 Record Weekly Inflows of $3.2B as BTC Eyes New ATH
- FLOKI Price Prediction as ETP Listing Drives Adoption—Is a 160% Rally Ahead?
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
