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Blockchain-based social media startup Farcaster raises $150 million, led by Paradigm
Farcaster, a blockchain-based social media project, has secured $150 million in a fundraising round led by Paradigm, with participation from a16z, Haun, USV, Variant and Standard Crypto, according to a send by founder Dan Romero.
“This will support our work on Farcaster for many years to come,” Romero wrote in a Tuesday update. He added that the project was hiring engineers on a staff level.
Farcaster is built on the Ethereum blockchain and OP Mainnet in the Optimism layer-2 ecosystem, according to the project documentation.
The project went “without permission” in October and has since seen “350,000 paid signups and a 50-fold increase in network activity,” Romero wrote in Tuesday’s post. “There are hundreds of developers building on the protocol and a growing number of apps and frames that people can use.”
Co-founder of Ethereum Vitalik Buterin is registered as a user of Farcaster’s Warpcast app and has been posting regularly.
Farcaster gained attention with the January 26 release of a new “Frames” feature, which allows apps to run within posts, so users don’t have to click through to another site.