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In a groundbreaking move, the blockchain social platform, Freechat, has recently closed an impressive $80 million financing round, catapulting its post-money valuation to $800 million. Meanwhile, this significant funding will propel Freechat to fortify its Web3 features, emphasizing privacy, security, and user-controlled data. The aim is to construct a decentralized, open, and transparent global social network platform.
Freechat Receives Funding To Redefine Social Networking With Web3
Freechat, founded in 2022, has emerged as a frontrunner in the blockchain social space, completing an initial $2 million seed round in August 2022. Meanwhile, a recent report showed that the latest $80 million financing round comes as a testament to the platform’s rapid growth and market recognition.
Meanwhile, the current Freechat ecosystem boasts modules ranging from online chat and community operations to creator plans, short video features, and a community square. Differentiating itself from traditional blockchains, Freechain operates as an application-layer public chain, encompassing message relays, private networks, decentralized storage, artificial intelligence (AI) computing power, and more.
Notably, Jack Long, the founder, revealed that Freechat’s daily market transaction volume is approaching $200,000, with a robust 40% user retention rate. In addition, the platform’s emphasis on user experience and data protection has garnered market approval, reflected in its growing activity.
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A Closer Look Into The Social Platforms’ Recent Development
Implementing device fingerprint technology and continually iterating on software and hardware security functions, Freechat is committed to ensuring the authenticity and uniqueness of user data. Meanwhile, Jack Long disclosed strategic Bitcoin reserves, showing a floating profit of nearly $2.2 million, forming a solid financial foundation for Freechat’s expansion into overseas markets.
In addition, Jack Long envisions Freechat hitting an annual revenue of $40 million in 2024. Going forward, the platform plans to roll out a Creator Incentive Program, offering incentives for creators in various content formats.
Meanwhile, as Freechat invites creators worldwide to join its ecosystem, the goal is to provide users with an enhanced level of freedom and a more diverse online social experience. Freechat’s journey signals a transformative shift in the landscape of decentralized social networking.
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