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Social Media Startup by Ex-Coinbase Execs Nears $1B Valuation

Published 03/31/2024, 08:52 PM
Updated 03/31/2024, 09:15 PM
Social Media Startup by Ex-Coinbase Execs Nears $1B Valuation

  • Merkle is finalizing a funding round that would value the firm around $1 billion.
  • Merkle was co-founded by Dan Romero and Varun Srinivasan, two former executives at Coinbase (NASDAQ:COIN).
  • In July 2022, Merkle secured a $30 million investment in a funding round led by a16z Crypto.

Merkle Manufactory, the brainchild of two former Coinbase executives, is on the brink of finalizing a funding round that would value the company at approximately $1 billion. Sources familiar with the matter revealed that crypto investment firm Paradigm is spearheading the investment in the Los Angeles-based firm.

Notably, Merkle Manufactory is the company behind the infrastructure of the Farcaster social media network. Dan Romero, a co-founder of Merkle and an ex-vice president at Coinbase, affirmed in a social media post on March 29 that the startup is indeed in the process of raising funds. However, he refrained from specifying the exact amount.

“I wanted to let everyone know that Merkle Manufactory is closing a new round of financing. I will share more details soon,” Romero remarked in a post on Warpcast, the Farcaster app deve…

The post Social Media Startup by Ex-Coinbase Execs Nears $1B Valuation appeared first on Coin Edition.

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