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Farcaster Developer Merkle Hits Unicorn Valuation

Farcaster Developer Merkle Hits Unicorn Valuation

Merkle, the developer of Farcaster, intends to raise approximately $1 billion. 

Merkle successfully concluded a $30 million funding round in July 2022, with a16z Crypto as the lead investor.

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The decentralized social media protocol known as Farcaster has garnered considerable interest. 

Merkle, the developer of the Farcaster, reportedly intends to raise approximately $1 billion, as reported by Bloomberg. The funding anticipates elevating the company to unicorn status, underscoring a shifting dynamic within the turbulent domain of cryptocurrency-related social media.

To Raise $1 Billion, Merkle 

According to a Bloomberg report on Saturday, Merkle, founded by two former Coinbase Global Inc. executives, is close to completing a funding round. The round would value the company at approximately $1 billion.

Unidentified insiders, privy to the transaction’s terms, reveal that Paradigm, a cryptocurrency-focused investment group, spearheads the investment in Merkle Manufactory. Headquartered in Los Angeles, the company develops Farcaster’s software.

Two Principal Merkle Products 

Merkle, a company established in 2020, primarily provides two products: Warpcast, an application constructed upon Farcaster with an uncanny resemblance to X, formerly known as Twitter, and the Farcaster protocol, which integrates a blockchain element. Romero and former Coinbase senior director Varun Srinivasan were co-founders of the organization. 

Merkle successfully concluded a $30 million funding round in July 2022, with a16z Crypto as the lead investor. 

Acquiring Market Acceptance Is Farcaster 

Thousands of new users have recently shown interest in Farcaster, a decentralized social media protocol, following a significant update that has captured widespread attention. One of the decentralized social media networks enabled by the Farcaster social media protocol is its primary software, Warpcast. 

Coinbase veteran developers Dan Romero and Varun Srinivasan crafted Farcaster in 2020, building it on the Ethereum scaling network Optimism. Esteemed figures in the cryptocurrency realm, such as Ethereum core developer Tim Beiko and co-founder Vitalik Buterin, have praised the platform. They commend it for offering an open and public online social space.

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