The blockchain-based social network project Farcaster has secured $150 million in funding, led by Paradigm.
Excited to share the news about our recent fundraise! pic.twitter.com/KJxuPJrtqg
— Dan Romero (@dwr) May 21, 2024
The funding round included participation from Andreessen Horowitz (a16z), Haun, USV, Variant, Standard Crypto, and several other firms.
Farcaster co-founder Dan Romero stated that the funds will support the platform’s operations “for many years to come.”
According to him, in the coming months, the team will focus on:
- increasing the number of daily users;
- adding developer primitives to the protocol, such as “channels or direct messages.”
The project will continue hiring specialists, Romero added.
He noted that since transitioning to a permissionless model in October 2023, the platform has recorded 350,000 paid subscriptions and a 50-fold increase in on-chain activity.
Farcaster’s popularity significantly increased since late January 2024, following the launch of the Frames functionality. This solution allows developers to embed various interactive features directly into messages.
Back in April, the Farcaster-related startup Merkle Manufactory was valued at $1 billion following an investment round led by Paradigm.