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<img width="1520" height="800" src="https://coingape.com/wp-content/uploads/2023/11/blockchain-.jpg" class="attachment-full size-full wp-post-image" alt="Farcaster Developer Merkle Gets Unicorn Valuation Amid Market Shift" decoding="async" style="float:right; margin:0 0 10px 10px;" srcset="https://coingape.com/wp-content/uploads/2023/11/blockchain-.jpg 1520w, https://coingape.com/wp-content/uploads/2023/11/blockchain--300x158.jpg 300w, https://coingape.com/wp-content/uploads/2023/11/blockchain--1224x644.jpg 1224w, https://coingape.com/wp-content/uploads/2023/11/blockchain--768x404.jpg 768w, https://coingape.com/wp-content/uploads/2023/11/blockchain--150x79.jpg 150w" sizes="(max-width: 1520px) 100vw, 1520px">
<p>Farcaster developer Merkle is planning to raise around $1 billion, according to a report by <a rel="nofollow" href="https://www.bloomberg.com/news/articles/2024-03-30/crypto-social-media-firm-merkle-sees-1-billion-valuation-in-paradigm-deal" target="_blank">Bloomberg</a>. The funding is likely to give the firm a unicorn status and also highlights a changing dynamic in the dysphoria of the crypto-related social media realm.</p> 
<h2 id="merkle-to-raise-1-billion">Merkle to Raise $1 Billion</h2> 
<p>Bloomberg on Saturday reported, that Merkle, a software developer for decentralized social networks that was established by two former executives of Coinbase Global Inc. is almost done with a funding round that would value the company at roughly $1 billion.</p> 
<p>According to insiders who asked to remain anonymous because the specifics of the deal have not been disclosed, Paradigm, a cryptocurrency investment group, is spearheading the investment in Los Angeles-based Merkle Manufactory, whose software powers the Farcaster social media network.</p> 
<p><strong>Read Also: <a href="https://coingape.com/chatgpt-and-other-ai-apps-are-threatened-by-malware-worms/" target="_blank" rel="noopener">AI News: Researchers Uncover Potential Security Threats To ChatGPT</a></strong></p> 
<h2 id="merkle-s-two-major-products">Merkle’s Two Major Products</h2> 
<p>Merkle was formed in 2020 and offers two primary products: Warpcast, an app that is built on top of Farcaster and bears a striking resemblance to X, the social media network that was once known as Twitter, and the Farcaster protocol, which incorporates a blockchain component. Alongside former Coinbase senior director Varun Srinivasan, Romero co-founded the company.</p> 
<p>In July 2022, Merkle completed a $30 million funding round headed by a16z Crypto.</p> 
<h2 id="farcaster-gains-market-acceptance">Farcaster Gains Market Acceptance</h2> 
<p>Following a recent update that attracted thousands of new users, <a rel="nofollow" href="https://www.newsbytesapp.com/news/science/why-twitter-alternative-farcaster-is-becoming-popular/story" target="_blank">Farcaster</a>, a decentralized social media protocol, has gained significant attention. Its main software, Warpcast, is one of the decentralized social media networks made possible by the Farcaster social media protocol.</p> 
<p>Farcaster, developed in 2020 by Coinbase seasoned developers Dan Romero and Varun Srinivasan, is built on the Ethereum scaling network Optimism. Prominent figures in the cryptocurrency space, such as Ethereum co-founder Vitalik Buterin and core developer Tim Beiko, have praised the site for offering an open and uncensored online social experience.</p> 
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<p>The post <a href="https://coingape.com/farcaster-developer-merkle-gets-unicorn-valuation-amid-market-shift/">Farcaster Developer Merkle Gets Unicorn Valuation Amid Market Shift</a> appeared first on <a href="https://coingape.com">CoinGape</a>.</p>

Farcaster Developer Merkle Gets Unicorn Valuation Amid Market Shift

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