Paragraph, a startup in the web3 publishing industry, has successfully raised $5 million in funding and acquired the popular blogging platform Mirror. The funding round was led by Coinbase Ventures and Union Square Ventures, according to a recent announcement by Mirror Development. As part of the acquisition, Paragraph will take over the stewardship of Mirror, including its product, design system, and brand.
Mirror, founded in late 2020, introduced a publishing platform that offered writers various crypto tools such as decentralized storage, domains, crowdfunding, and NFT capabilities. Many companies used the platform to publish announcements and blogs. Denis Nazarov, the founder of Mirror, expressed his excitement about Paragraph taking the platform to the next level of onchain publishing under the leadership of Colin Armstrong.
Paragraph, launched in 2021, was designed to empower creators to monetize directly through newsletter subscriptions, on-chain social features, and messaging integrations. The platform has gained popularity within the Farcaster community and has helped thousands of creators establish direct relationships with their audience. With the recent acquisition of Mirror, Paragraph aims to accelerate its mission and assist millions more creators.
Colin Armstrong, the founder of Paragraph, expressed his enthusiasm for leading the talented team towards a future where onchain technology becomes the standard for content creators worldwide. He believes that onchain technology should not just be an option but a necessity.
The blog also assured writers and publishers using Mirror and Paragraph that there will be no immediate changes. Their content will remain intact, and they will continue to have access to the existing publishing tools. Jesse Pollak, the creator of Base, which is also involved in the partnership and investment, expressed his excitement about doubling down on onchain publishing and bringing more creators onto the platform.
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