Farcaster’s parent company is reportedly closing a new funding round led by Paradigm. The deal would take its valuation to above $1 billion.
A new funding round is set to lift the valuation of Merkle Manufactory — the company behind the social network Farcaster — to the $1 billion mark, according to a Bloomberg report citing sources familiar with the matter.
Leading the round is crypto investment firm Paradigm, whose portfolio includes major crypto firms, such as Coinbase, Blur, dYdX, Compound and Citadel Securities.
Merkle was co-founded in 2020 by former Coinbase executives Dan Romero and Varun Srinivasan. The company’s flagship is the social media application Warpcast, built on top of the decentralized network for social media apps Farcaster.
