Several crypto-based companies have successfully raised significant amounts of funds in recent years.

Merkle Manufactory, a software developer for a decentralized social network, was established by two former Coinbase Global Inc. employees and is currently in the process of securing funding. The company is currently valued at $1 Billion.

Dan Romero, the former vice president of Coinbase and co-founder of Merkle, mentioned in a post on 'X' that the company is seeking funding, although the exact amount has not been disclosed. Bloomberg questioned the company's valuation, but Dan did not comment on their assessment.

On the Farcaster application, Warpcast, developed by Merkle, Dan shared that Merkle Manufactory is finalizing a new round of financing and promised to share more details soon.

Founded in 2022, Merkle Factory offers two main products: the Farcaster protocol with a blockchain component and Warpcast, an application built on top of Farcaster.

In a previous funding round, Merkle was able to secure $30 Million, with a16z leading the investment in July 2022.

Dan discussed the fundamental premise behind Farcaster, stating that the protocol is not controlled by any individual, company, or country. He believes that these circumstances represent the long-term equilibrium state for the global public square.

Other News

Immunefi, a security and blockchain analysis firm, reported a 23% decrease in losses from Web3 hacks and scams in Q1 2024 compared to 2023. The total amount lost in Q1 2024 was $336 Million, down from $437 Million in Q1 2023. Hacks were responsible for 96% of the losses, while scams and other activities accounted for 4%.

Arkansas legislators are currently discussing revisions to the state's crypto mining sector laws. Sen. Joshua Bryant, sponsor of Act 851, explained that the bill aims to ensure local control exists once crypto mining operations are established.

TRM Labs released a report titled “The Illicit Crypto Economy” on March 27, 2024, discussing various aspects of crypto and illegal activities in 2023. The report highlighted that the Tron Network accounted for 45% of all illicit volume in 2023.

Major Crypto Funding in Q1 2024

EigenLayer raised $100 Million in their series B funding, HashKey Group raised $100 Million in series A funding, and Optimism raised $89 Million. Root Protocol raised $2.5 Million at a valuation of $100 Million, while Ultiverse raised $4 Million at a valuation of $150 Million.

OKX Ventures, HashKey Capital, and Animoca Brands have been actively participating in funding rounds, with Coinbase Ventures leading the list with investments in 370 different crypto-based companies.

Various major venture capital firms, including Animoca Brands, NGC Venture, LD Capital, HashKey Capital, and Shima Capital, were involved in the 448 funding rounds that took place in Q1 2024.

Disclaimer

The views and opinions expressed in this article are for informational purposes only and should not be considered financial, investment, or other advice.