TechFlow news, July 17 — According to The Block, Ephemera, the core development team behind the decentralized messaging protocol XMTP, has raised $20 million in a Series B funding round, valuing the XMTP network at $750 million. The round was co-led by Union Square Ventures, a16z crypto, and Lightspeed Faction, with participation from Coinbase Ventures and others.
Fred Wilson, managing partner at Union Square Ventures, has joined Ephemera's board of directors. The XMTP protocol offers end-to-end encrypted messaging services and is currently being relaunched within Coinbase’s Base app, transitioning from an optional tool to core infrastructure.
The XMTP public testnet launched in February this year, with the mainnet planned for release later this year. Ephemera intends to use the new funding to expand its team and strengthen protocol development, decentralized infrastructure, and product design.
