TechFlow reports, according to Fortune magazine, that Farcaster last month announced a $150 million funding round led by Paradigm, achieving a $1 billion valuation—the largest investment in Web3 social media to date. Participation from cryptocurrency venture capital firms is one explanation for the high valuation.
A source who requested anonymity due to business constraints said that, like most protocols, he expects Farcaster will launch a token, and investors will be eager to capture its fully diluted valuation.
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