Bluesky, the social media platform that has considered surging boost following Elon Musk’s takeover of Twitter, raised $15 million in a funding round led by a crypto-centered project capital firm, the firm announced Thursday.
But that would no longer mean the social media network plans to embody digital assets.
The Series A funding round used to be led by Blockchain Capital, a project firm that has invested in OpenSea, Kraken, and Coinbase. Several varied crypto-associated project companies—including SevenX, Correct Ventures and Alumni Ventures—participated in the funding round, as neatly.
Nonetheless, the social media startup vowed that it would no longer “hyperfinancialize” the Bluesky “social skills” by integrating crypto tokens, NFTs, or varied blockchain-based entirely mostly know-how into its platform. Bluesky is constructed atop the decentralized AT Protocol.
“This would no longer trade the indisputable reality that the Bluesky app and the AT Protocol enact no longer employ blockchains or cryptocurrency, and we is no longer any longer going to hyperfinancialize the social skills,” Bluesky mentioned in its commentary.
Bluesky now has over 13.1 million registered users, in step with knowledge shared by a developer, with about a million of those users coming since slack August amid controversial strikes from the Musk-bolt Twitter. Definitely, Bluesky used to be originally based below Twitter, below the earlier management of co-founder and old CEO Jack Dorsey, nonetheless spun out ahead of Elon Musk’s 2022 aquire.
no longer now honey the motorway remains to be going uphttps://t.co/x6v5YW0WFT pic.twitter.com/b4uPlDssiV
— bluesky (@bluesky) October 18, 2024
The social media platform plans to make employ of its recent capital to spice up and grow its neighborhood, investing in Belief and Security and boosting its developer ecosystem. This would moreover pour the funds into developing a subscription model for Bluesky that can provide users fetch admission to to aspects such as larger-quality video uploads and customizable profile colours and avatar frames.
The firm is moreover concerned with rolling out micropayments for creators within its neighborhood—nonetheless those payments is no longer any longer going to employ crypto, Bluesky clarified.
Edited by Andrew Hayward
