Crypto Project Farcaster Nears $1 Billion Valuation
Merkle Manufactory, the Los Angeles-based software company behind the Farcaster decentralized social networking protocol, is reportedly approaching the end of a funding round with a $1 billion valuation. Bloomberg reported, citing sources, that the crypto investment firm Paradigm is leading the round.
Merkle’s Decentralized Social Network
Merkle is responsible for Farcaster, a decentralized social network built on the Ethereum (ETH) blockchain. This network operates on an open-source protocol that enables users to create profiles, publish “casts,” and follow other users. Users can broadcast short text messages and link their Ethereum address, allowing them to feature non-fungible tokens (NFTs) and use them as profile pictures.
Co-Founder Acknowledges Funding Round
- Dan Romero, one of the co-founders of Farcaster, acknowledged the ongoing funding round on the social media app Warpcast, a Farcaster client.
- He did not confirm the specific valuation but shared that Farcaster recently reached over 77,000 daily active users (DAU) during a weekend, setting a new network record.
- Romero, previously a vice president at Coinbase, co-founded Farcaster in 2020 alongside Varun Srinivasan, another former Coinbase executive.
Previous Funding Round
- Merkle Manufactory previously raised $30 million in a funding round in 2022 led by a16 Crypto.
The post Firm Behind Crypto Project Founded by Former Coinbase Executives Hits $1,000,000,000 Valuation: Report appeared first on The Daily Hodl.
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