Paradigm-Led Farcaster Raises $150 Million in Series A, Integrates with Arbitrum

May 21, 2024, 05:05 PM

Decentralized social network Farcaster has raised $150 million in a Series A funding round, achieving a valuation of $1 billion. The funding round was led by Paradigm, with participation from a16z Crypto, Haun Ventures, Union Square Ventures, Variant Fund, and Standard Crypto. Farcaster, which is built on Ethereum, has integrated with blockchain community Arbitrum. The platform has seen significant growth, with 350,000 paid sign-ups since October and 80,000 daily active users. The new funding will be used to expand its user base and developer tools. To celebrate the integration with Arbitrum, Farcaster is hosting the Frame It buildathon, offering $500k USD in retroactive rewards. This brings Farcaster's total funding to $180 million.