Merkle Manufactory, the Los Angeles-based software program firm behind the decentralized social networking protocol Farcaster, is reportedly near closing a $1 billion funding spherical.
Bloomberg, citing “folks with information of the matter,” reported the valuation at $1 billion and famous that cryptocurrency funding agency Paradigm is main the spherical.
Merkle is behind Farcaster, a decentralized social community constructed on Ethereum (ETH).
The community, which has an open supply protocol, permits customers to create profiles, create posts known as “posts,” and observe different customers. Anybody can broadcast SMS messages on the community and join their Ethereum tackle. Verifying possession of an ETH tackle permits options resembling displaying non-fungible tokens (NFTs) and utilizing them as a profile photograph.
Farcaster co-founder Dan Romero acknowledged Merkle’s funding spherical on social media app Warpcast, a Farcaster shopper. However he didn’t verify the analysis quantity.
Romero, additionally a former VP at Coinbase Notes Farcaster reached over 77,000 each day lively customers (DAU) over the weekend, a brand new document for the community. He co-founded the venture in 2020 with Varun Srinivasan, one other former Coinbase govt.
Merkle Manufacturing facility additionally raised $30 million in a pre-2022 funding spherical led by a16 Crypto.
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