Farcaster will redouble its focus on growing daily active users and adding platform tools for developers in 2024.
Farcaster raised $150 million in a Capital round
Farcaster, a web3 social networking platform, successfully raised $150 million led by Paradigm investment fund. This Capital round has the participation of a16z crypto, Haun Ventures, USV, Variant, Standard Crypto and many other names.
According to Farcaster co-founder Dan Romero, the funds will “support Farcaster development for years to come.” For the remainder of 2024, Farcaster will redouble its efforts to increase daily active users and add platform tools for protocol developers. In addition, Farcaster is also recruiting more experienced engineers.
Mr. Romero added: “Since going free last October, Farcaster has recorded 350,000 paid registrations and a 50-fold increase in network activity. There are currently hundreds of developers building on the protocol and a growing number of applications.”
In March this year, Farcaster discussed with Venture Capital about a new round of Capital , with the goal of valuing the company at over $1 billion. Previously, in July 2022, the project raised $30 million USD led by a16z crypto , with additional participation from Standard Crypto, Elad Gil, 1confirmation, Scalar Capital, First Round Capital, Volt Capital, A Capital and others.
Farcaster adds support for the Arbitrum blockchain
Recently, Farcaster added support for Arbitrum , a Layer 2 blockchain. This brings the total number of networks supported by the platform to three, along with Solana and Ethereum .
The Arbitrum Foundation Chia on social media: “Starting now, you can build Frames with live Arbitrum transaction support, giving Frame builders and users direct access to one of the largest blockchain communities.”
Farcaster has made great strides in recent times. The web3 social network platform saw an increase in daily user activity starting from late March to April, with the number of “replies” (similar to likes on the web2 social network) increasing by more than doubled, from 1.83 million on March 31 to 4.43 million on April 17.
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The article Paradigm leads $150 million Capital round for Farcaster appeared first on CoinMoi .
