fur castera decentralized social media protocol, announced a $150 million Series A funding round on Tuesday, providing a major boost to the fast-growing network's development plans.
The funding round was led by Paradigm, with participation from investment firms including Andreessen Horowitz's a16z crypto fund, Haun Ventures, Union Square Ventures, Valiant, and Standard Crypto.Farcaster said unchained crypto The raise values the startup at $1 billion, making it the latest crypto unicorn.
in After TuesdayFarcaster co-founder Dan Romero outlined the company's priorities for the new funding: [and] Add developer primitives to protocols such as channels and direct messaging. ”
This announcement follows the permissionless launch of Farcaster in October 2023, opening the protocol to all developers and users. Since then, Farcaster has experienced significant growth, claiming 350,000 paid sign-ups and a 50x increase in network activity.The network is built on optimism, Ethereum Layer 2 scaling network.
Farcaster was founded in 2020 by two Coinbase alumni, Romero and Varun Srinivasan. It attracted a lot of attention in early 2024. Frame releasethe ability to bring in features like NFT minting and game play from external apps without leaving users from their social feeds.
Editor's note: This article was written with the help of AI.Edited and fact-checked andrew hayward.
