Farcaster, a decentralized social protocol, secures $150 million in funding led by Paradigm, with a valuation of $1 billion.
Farcaster’s Valuation Reaches $1 Billion with Paradigm Leading the Funding Round
Farcaster, a decentralized social protocol, announced on Tuesday that it has raised $150 million in Series A funding at a valuation of $1 billion. The round was led by cryptocurrency venture capital firm Paradigm, with participation from a16z crypto, Haun Ventures, Union Square Ventures, Variant Fund, and Standard Crypto, among others.
Dan Romero, co-founder of Farcaster, stated that the company will double its efforts over the next few years to realize its vision of becoming a network-scale protocol. In the remaining months of this year, the focus will be on increasing daily active users and adding developer primitives to the protocol, such as channels and messaging functionalities.
Varun Srinivasan, another co-founder of Farcaster, mentioned that their team currently consists of 13 members and emphasized their goal of building a lean and efficient team.
Since becoming a permissionless social protocol in October 2023, Farcaster has registered 350,000 paying users. According to Dune Analytics, the number of daily active users on Farcaster reached nearly 45,000 on May 20th, a 30% increase compared to the peak of the Frames hype on February 11th.
Srinivasan highlighted that hundreds of developers are building on Farcaster, and both user and developer growth are the driving forces behind this funding round.
Dan Romero revealed that Farcaster still has 80% of the funds from its initial seed round. He emphasized the importance of having a long-term mindset and expressed excitement about the growth of users and developers. The funding will be utilized to prepare the company for sustained development over a decade.
This translation was produced by a professional translator.
