TechFlow News, October 25 — According to Decrypt, decentralized social media platform Bluesky has announced the completion of a $15 million Series A funding round. The round was led by cryptocurrency investment firm Blockchain Capital, with participation from prominent venture capital firms including SevenX, True Ventures, and Alumni Ventures.
Despite most investors being tied to the cryptocurrency sector, Bluesky has clearly stated it will not introduce digital assets onto its platform. The company emphasized: "This does not change the fact that the Bluesky app and the AT Protocol do not use blockchain or cryptocurrency. We will not over-financialize the social experience."
Bluesky was founded by Jack Dorsey, former CEO and co-founder of Twitter. Built on the decentralized AT Protocol, the platform now boasts over 13.1 million registered users. Since late August, Bluesky has seen millions of new sign-ups amid controversial moves taken by X (formerly Twitter) under Elon Musk's leadership.
The company said the new funds will support community development, investments in trust and safety, and growth of the developer ecosystem. Additionally, Bluesky plans to launch a subscription model offering features such as high-quality video uploads, custom profile colors, and avatar frames. While Bluesky is considering introducing micropayments for creators, it stressed these payments will not involve cryptocurrency.
