Farcaster raises $150M for its Ethereum-based social network

Farcastera social network protocol decentralized and launched by Coinbasehas just collected 150 million dollars to a valuation from 1 billion dollars.

Farcaster is a protocol built on Ethereum that offers several blockchain applications including Warpcast, a decentralized social network similar to Twitter.

Late on Tuesday, Farcaster co-founder and Coinbase alumnus Dan Monero announced that the Californian startup had closed a $150 million funding round led by renowned crypto VC Paradigm.

Excited to share the news about our recent fundraise! pic.twitter.com/KJxuPJrtqg

– Dan Romero (@dwr) May 21, 2024

The protocol’s fundraising also includes the participation of other major investors in the web3 space, including a16z, Haun Ventures, USV, Variant and Standard Crypto. The company is now a unicorn, with a valuation of $1 billion.

On Farcaster, users can move their social identity between different applications, and developers can create new ones.

The protocol now boasts around 100 developers and over 350,000 users. This is still a long way from the major decentralized platforms such as Bluesky or Mastodon, which have several million users.

I use Farcaster a lot more than Twitter these days, and I think a lot more people will sooner or later. A programmable social network is the end game,” commented Alok Vasudev, partner at Standard Crypto, on X.

The fresh capital will be used by the project to increase its active user base and add primitives for developers. Farcaster also plans to expand its team by recruiting new engineers.

Funding for blockchain startups grew in Q1 2024 in the wake of rising crypto-currency prices.

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