Paragraph raises $5 million from USV and Coinbase Ventures, takes over web3 blogging platform Mirror
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Quick Take
- The web3 publishing startup Paragraph raised $5 million from Union Square Ventures and Coinbase Ventures.
- Paragraph also took over Mirror, an Ethereum-based blogging platform.
- For writers and publishers, Paragraph notes that no immediate changes will occur on either platforms.
The web3 publishing platform Paragraph raised $5 million in fresh financing in addition to acquiring Mirror, an Ethereum-based blogging platform. Paragraph founder Colin Armstrong will serve as CEO and Mirror founder Denis Nazarov will take on an advisor role, according to a release from Paragraph. Paragraph also raised $5 million in fresh financing from Union Square Ventures and Coinbase Ventures. Paragraph notes that no immediate changes will occur on either platform for writers and publishers. "All of your writing will remain and you’ll still have access to the same great tools for publishing," Paragraph said in the release. "We're thrilled to accelerate our mission of fundamentally changing how creators build and grow direct relationships with their audience," Armstrong wrote on the social media platform X Thursday. In October 2022, Paragraph raised $1.7 million in pre-seed funding led by Lemniscap, a web3-focused investment firm, The Block previously reported. FTX Ventures, Binance Labs, GCR and Seed Club Ventures also participated in the round. Also on Thursday, Mirror's parent firm, Reflective Technologies Inc., revealed that it raised $10 million from Electric Capital, with additional contributions from a16z crypto, Union Square Ventures and Variant, to develop a new product, Kiosk. Still in development and seeking its founding team, Kiosk will use Farcaster to augment blockchain-based transactions within social communities. "When onchain social meets onchain commerce, it’s more than just posting, liking, sharing and commenting," Mirror Development wrote in a Thursday statement. "It’s being able to share an image and make it mintable as an NFT with one click. It’s being able to discover and buy the assets your friends are collecting and creating directly in the feed. It’s being able to bring together like-minded collectors and community members in a token-powered channel or group chat. It’s being able to tip, earn, and be notified when anything important happens — all without leaving the app." Farcaster is an Optimism-based decentralized protocol that can undergird new social media applications. Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures. © 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.Mirror's new product
About Author
MK Manoylov has been a reporter for The Block since 2020 — joining just before bitcoin surpassed $20,000 for the first time. Since then, MK has written nearly 1,000 articles for the publication, covering any and all crypto news but with a penchant toward NFT, metaverse, web3 gaming, funding, crime, hack and crypto ecosystem stories. MK holds a graduate degree from New York University's Science, Health and Environmental Reporting Program (SHERP) and has also covered health topics for WebMD and Insider. You can follow MK on X @MManoylov and on LinkedIn.
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