Decentralized Social Protocol Farcaster Raises $150M in Funding Round Led by Paradigm
Decentralized social media protocol Farcaster has raised $150 million in a funding round led by Paradigm with participation from venture capital fund 16z crypto, Haun, USV, Variant, Standard Crypto and more.
Farcaster launched by former Coinbase alumni, Dan Romero and Varun Srinivasan, has emerged as a prominent player among several burgeoning Twitter alternatives, both on-chain and off-chain.
In March, Farcaster was on the verge of reaching a valuation of $1 billion in its latest funding round. Back then Paradigm had not officially confirmed its participation in the funding round.
In a blog post, Romero shared that since going permissionless last October, Farcaster has seen 350,000 paid sign-ups and a 50 times increase in network activity.
Excited to share the news about our recent fundraise! pic.twitter.com/KJxuPJrtqg
— Dan Romero (@dwr) May 21, 2024
Farcaster has huge ambitions for the year ahead. Romero said there are hundreds of developers building on the protocol and a growing number of apps and frames for people to use.
The protocol will be focused on two things for the rest of the year: Growing daily active users and adding developer primitives to the protocol like channels and direct messaging.
In a separate announcement, Farcaster integrated the blockchain community Arbitrum, a layer 2 technology suite designed to scale Ethereum.
We're happy to announce @farcaster_xyz just integrated its biggest blockchain community yet; Arbitrum!
To celebrate this integration, we’re hosting:
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