Freechat Secures $80 Million in Funding for Web3 Features
The blockchain social platform, Freechat, recently raised $80 million in funding, boosting its valuation to $800 million. This investment will allow Freechat to strengthen its Web3 capabilities, focusing on privacy, security, and user-controlled data. The ultimate goal is to create a decentralized and transparent global social network.
Freechat’s Rise in the Blockchain Social Space
Established in 2022, Freechat quickly became a leader in the blockchain social sector after completing a $2 million seed round. The recent $80 million funding round further validates the platform’s rapid growth and market recognition.
Unlike traditional blockchains, Freechain operates as an application-layer public chain that includes various modules such as online chat, community operations, creator plans, short video features, and a community square.
Focus on User Experience and Data Protection
Freechat’s founder, Jack Long, revealed that the platform’s daily market transaction volume is close to $200,000 with a strong 40% user retention rate. The platform’s commitment to user experience and data protection has resonated with users and contributed to its growing activity.
To ensure the authenticity of user data, Freechat implements device fingerprint technology and continually improves software and hardware security functions. Additionally, the platform holds strategic Bitcoin reserves with a floating profit of approximately $2.2 million, providing a solid financial foundation for expansion into international markets.
The Future of Freechat: Enhanced Freedom and Diverse Social Experience
Looking ahead, Freechat aims to achieve an annual revenue of $40 million by 2024. The platform plans to introduce a Creator Incentive Program that offers incentives for creators across different content formats. By inviting creators from around the world, Freechat aims to provide users with greater freedom and a more diverse online social experience. This marks a significant shift in the decentralized social networking landscape.
Hot Take: Freechat’s $80 Million Funding Boosts Web3 Development
In a major development, blockchain social platform Freechat has secured $80 million in funding, driving its post-money valuation to $800 million. This investment will enable Freechat to enhance its Web3 features, prioritizing user privacy, security, and data control. The aim is to establish a decentralized and transparent global social network. Freechat has emerged as a frontrunner in the blockchain social space, with previous funding rounds validating its rapid growth and market recognition. By focusing on user experience and data protection, Freechat has gained market approval and witnessed increasing activity. The platform’s future plans include expanding revenue, implementing a Creator Incentive Program, and providing users with more freedom and diverse social experiences.
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