Sign Up on MEXC
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
- Michael Saylor Credits Bitcoin for Strategy’s Outperformance Over ‘Mag 7’ Stocks
- XRP Overtakes Shopify, Verizon, Citigroup in Market Value as Price Eyes $6
- Altcoin Season Index Hits New High As ETH, SOL, DOGE, and XRP Rally
- ‘Huge Breakthrough,’ Peter Brandt Says as Dogecoin Reclaims $0.30 Ahead ETF Launch
- Bitcoin Bull Cycle Could Extend To 2026, Arthur Hayes Predicts
- Bitcoin Price Prediction: Q4 Rally Looms as ETF Inflows Hit $642M—Analyst eyes $150K
- Pepe Coin Price Prediction as the Token Jumps Nearly 20% – Will Whale Accumulation Take it to $0.00003?
- Pi Coin Price Prediction As Adam & Eve Pattern Signals Breakout Rally To $0.45 Ahead
- HBAR Price Prediction Amid DTCC Listing and Archax Expansion — Is $0.50 Next?
- Ethereum Price Eyes a 40% Surge as Morgan Stanley Shifts Fed Cuts Forecast
