Economy 03-05-2024 08:07 18 Views

Paragraph Raises $5 Million, Acquires Web3 Blogging Platform Mirror

Paragraph, a web3 publishing startup, has secured $5 million and taken over the blogging platform Mirror.

According to a recent announcement by Mirror Development, the new funding round was led by Coinbase Ventures and Union Square Ventures. Paragraph is set to assume stewardship of Mirror, including its product, design system, and brand.

Paragraph Takes Over Mirror

Founded in late 2020, Mirror introduced a publishing platform that provided writers with crypto tools including decentralized storage, domains, crowdfunding, and NFT capabilities. The platform was frequently used by companies to publish announcements and blogs.

“When I founded Mirror in 2020, I bet on the potential for platforms that merge content with marketplaces of value,” said Mirror founder Denis Nazarov. “I’m excited to see Mirror taken to the next level of onchain publishing under Colin’s leadership.”

Paragraph was launched in 2021, designed to enable creators to monetize directly through newsletter subscriptions and on-chain social features, as well as messaging integrations. The platform has expanded its user base within the Farcaster community.

“We’ve helped thousands of creators build direct relationships with their audience, and with this exciting announcement, we’ll be able to move even quicker on our mission and help millions more,” stated Paragraph founder Colin Armstrong.

“I’m thrilled to lead our talented team towards a future where onchain technology is not just an option but the standard for content creators worldwide,” said Armstrong.

No Immediate Changes for Writers and Publishers

The blog also stated that for writers and publishers using Mirror and Paragraph, there will be no immediate changes. The content will remain intact and they will continue to have access to the existing publishing tools.

“With this new partnership and investment from Coinbase Ventures and the Base Ecosystem Fund, we’re thrilled to double down on onchain publishing and help bring even more creators onchain,” said Base CEO Jesse Pollak.

The post Paragraph Raises $5 Million, Acquires Web3 Blogging Platform Mirror appeared first on Cryptonews.

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