Paragraph raises $5 million and acquires web3 blogging platform Mirror.
web3 publishing platform Paragraph has raised $5 million in new funding, in addition to acquiring Ethereum-based blogging platform Mirror.
According to Paragraph’s announcement, Paragraph founder Colin Armstrong will serve as CEO and Mirror founder Denis Nazarov will take on an advisory role. Paragraph also raised $5 million in new funding from Union Square Ventures and Coinbase Ventures.
In the paragraph, both the author and the publisher mention that no immediate changes will occur on the platform. “All of your writing will remain intact and you will continue to have access to the same great tools for publishing,” Paragraph said in a release.
“We’re excited to accelerate our mission to fundamentally transform how creators build and grow direct relationships with their audiences,” Armstrong said. wrote on social media platform X on Thursday.
As previously reported by The Block, Paragraph raised $1.7 million in pre-seed funding led by web3-focused investment firm Lemniscap in October 2022. FTX Ventures, Binance Labs, GCR, and Seed Club Ventures also participated in this round.
Mirror’s new product
Also on Thursday, Mirror’s parent company, Reflective Technologies Inc., said it had raised $10 million from Electric Capital, along with additional contributions from a16z cryptocurrency, Union Square Ventures and Variant, to develop a new product, Kiosk.
Kiosk, still in development and seeking a founding team, will use Farcaster to power blockchain-based transactions within its social community.
“When on-chain social meets on-chain commerce, it’s more than just posting, liking, sharing and commenting,” Mirror Development wrote in a statement Thursday. “You can share your images and turn them into NFTs with a single click. You can search and purchase the assets your friends have collected and created directly from your feed. You can bring like-minded collectors and collectors together through token-based channels or With group chats, you can tip community members, earn money, and get notified when important things happen – all without leaving the app.
Farcaster is an optimism-based decentralized protocol that can power new social media applications.
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