Freechat Raises $80M to Revolutionize Social Networking with Web3

In a groundbreaking move, Freechat, a blockchain social platform founded in 2022, recently concluded an $80 million funding round, pushing its post-money valuation to an impressive $800 million. This funding is set to redefine social networking by strengthening Freechat’s Web3 features, emphasizing privacy, security, and user-controlled data.

About Freechat

Freechat has rapidly become a leader in the blockchain social space since its inception, completing an initial $2 million seed round in August 2022. The platform offers a diverse ecosystem, including online chat, community operations, creator plans, short video features, and a community square. Unlike traditional blockchains, Freechain operates as an application-layer public chain, integrating message relays, private networks, decentralized storage, AI computing power, and more.

Leadership and Achievements

While specific investors are not mentioned, Freechat’s successful funding rounds indicate strong market recognition and growth. Founded by Jack Long, the platform has demonstrated notable achievements, with a daily market transaction volume nearing $200,000 and a robust 40% user retention rate.

Strategic Use of Funding and Future Roadmap

The $80 million funding will fortify Freechat’s commitment to privacy, security, and user data control within the Web3 framework. Founder Jack Long envisions an annual revenue of $40 million in 2024, emphasizing the platform’s strategic Bitcoin reserves, forming a solid financial foundation for expansion into overseas markets. The platform plans to introduce a Creator Incentive Program, providing incentives for creators across various content formats.

Industry Impact

Freechat’s emphasis on user experience and data protection aligns with the growing demand for privacy-focused social networking. The platform’s unique approach, including device fingerprint technology and continual improvement of security functions, sets it apart in the decentralized social networking landscape. As it invites creators globally, Freechat aims to offer users a heightened level of freedom and a more diverse online social experience.

Conclusion

Freechat‘s recent funding success positions it as a key player in the evolving landscape of decentralized social networking. With an impressive valuation of $800 million, the platform’s commitment to Web3, privacy, and user control marks a transformative shift in the industry.

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FAQs

Q1: How does Freechat differentiate itself from traditional blockchains?

Freechat operates as an application-layer public chain, offering a comprehensive ecosystem that includes message relays, private networks, decentralized storage, AI computing power, and more. This differentiation allows for a more diverse and user-centric social networking experience.

Q2: What is the significance of Freechat’s Creator Incentive Program?

The Creator Incentive Program is designed to reward creators in various content formats, encouraging diverse contributions to the Freechat ecosystem. This initiative aligns with the platform’s goal to provide users with an enhanced level of freedom and a richer online social experience.

this article was originally published in https://web3oclock.com/