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Post: Merkle Manufactory’s Farcaster Nears $1 Billion Valuation with Paradigm-Led Funding Round

Merkle Manufactory’s Farcaster Nears $1 Billion Valuation with Paradigm-Led Funding Round

Key Points:

  • Merkle Manufactory, the company behind Farcaster, is reportedly closing a new funding round led by Paradigm.
  • The funding round is expected to raise Merkle Manufactory’s valuation above $1 billion.
  • Farcaster’s parent company was co-founded in 2020 by former Coinbase executives Dan Romero and Varun Srinivasan.
  • Paradigm, a crypto investment firm leading the funding round, has a portfolio that includes major crypto firms like Coinbase.

Reported Funding Round Led by Paradigm:

Merkle Manufactory, the company behind Farcaster, is on the verge of closing a new funding round that is anticipated to catapult its valuation beyond $1 billion. This significant milestone suggests a strong investor interest in the company’s social media application and its underlying decentralized network.

Background on Merkle Manufactory:

Founded in 2020 by Dan Romero and Varun Srinivasan, former executives at Coinbase, Merkle Manufactory focuses on building innovative social media applications. Farcaster, the flagship product built on their decentralized network, has evidently captured attention in the crypto space, attracting investments from prominent crypto players like Paradigm.

Paradigm’s Leading Role in the Funding Round:

Paradigm, a well-known crypto investment firm that boasts investments in major players such as Coinbase, is at the forefront of this funding round for Merkle Manufactory. The involvement of Paradigm not only brings significant financial backing but also lends credibility to the potential growth and success of Farcaster and its parent company.

Hot Take:

The reported funding round led by Paradigm signifies a major milestone for Merkle Manufactory and its social network, Farcaster. This substantial investment and valuation showcase the confidence investors have in the company’s vision and potential for growth in the competitive social media and decentralized network landscape.

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