BlueSky is a social media platform that has grown rapidly since Elon Musk acquired Twitter. The company announced Thursday that it has raised $15 million in a funding round led by a cryptocurrency-focused venture capital firm.
But that doesn't mean the social media network plans to embrace digital assets.
The Series A funding round was led by Blockchain Capital, a venture firm with investments in OpenSea, Kraken, and Coinbase. Several other crypto-related venture firms also participated in the funding round, including SevenX, True Ventures, and Alumni Ventures.
Nevertheless, the social media startup has vowed not to “hyper-financialize” Bluesky's “social experience” by integrating crypto tokens, NFTs, or other blockchain-based technologies into its platform. Bluesky is built on top of a decentralized AT protocol.
“This doesn’t change the fact that the Bluesky app and AT Protocol do not use blockchain or cryptocurrencies, and we do not intend to over-financialize the social experience,” Bluesky said in a statement. statement.
Bluesky currently has more than 13.1 million registered users, millions of whom have signed up since late August amid controversial moves by Musk-run Twitter, according to data shared by the developer. It is said that there is Of course, Bluesky was originally founded under Twitter under the early leadership of co-founder and former CEO Jack Dorsey, but was spun out ahead of Elon Musk's 2022 acquisition.
The social media platform plans to use the new funding to support and grow its community, invest in trust and security, and strengthen its developer ecosystem. The company will also invest in developing Bluesky's subscription model, which will give users access to features such as high-quality video uploads and customizable profile colors and avatar frames.
The company is also considering rolling out micropayments for creators in its community, but Bluesky revealed that the payments won't be made using cryptocurrencies.
Edited by Andrew Hayward
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