Business News Report
January 08, 2024

Freechat Secures $80 Million Funding to Expand Web3 Features

Freechat Secures $80 Million Funding to Expand Web3 Features

Blockchain social platform Freechat completed a funding round raising $80 million, pushing its post-money valuation to a substantial $800 million. However, the company has remained tight-lipped about the identity of the investor involved in this latest financing endeavor.

Founded in 2022, Freechat previously secured a $2 million seed round in August of the same year. Now, with the injection of additional capital, the platform is set to strengthen its Web3 features and transform into a decentralized and open global market.

Notable progress has already been made within the Freechat ecosystem. Beyond the initial online chat and community operation modules, the platform has successfully launched features such as the creator plan, short video module, and community square.

This expansion aims to provide users with a multifaceted experience while ensuring the fundamental characteristics of Web3 – an open, free and safe social space.

At the heart of Freechat’s technological infrastructure lies Freechain, an application-layer public chain, that encompasses social-based message relays, private networks, decentralized storage, AI computing power, order books, and more.

Jack Long, the founder of Freechat, revealed a move made in the early stages of the project’s development. The team purchased 78 Bitcoins for $16,000, which has grown in value to reach $3.432 million, thanks to the current Bitcoin price of $44,000.

Platform’s Move Towards User Data Protection

The Freechat social platform will be getting a big upgrade, focusing on important aspects like keeping your information private, making it secure and letting users have control over their data.

In terms of security measures, Freechat has implemented device fingerprint technology to ensure the authenticity and uniqueness of user data. Ongoing iterations in related software and hardware security functions, and continuous investment in the technical development of security modules, highlighting a proactive approach to cybersecurity.

Looking ahead to 2024, Freechat sets targets for itself, aiming to achieve an annual revenue of $40 million. Jack Long outlined the next steps for the platform, emphasizing the introduction of the Creator Incentive Program.

“Next, we will provide incentive services for creators of graphics, text, videos and other content through the Creator Incentive Program. We welcome creators of all languages ​​to join the Freechat ecosystem to bring users a higher degree of freedom and richer content. Online social experience,” said Freechat’s Jack Long.

Freechain’s versatility extends its applications across various sectors, including e-commerce, gaming, social networking, credit, identity proof, storage, cloud computing and artificial intelligence. Notably, it empowers users to create applications akin to popular platforms like WeChat, Taobao and Douyin.

Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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Kumar Gandharv
Kumar Gandharv

Kumar is an experienced Tech Journalist with a specialization in the dynamic intersections of AI/ML, marketing technology, and emerging fields such as crypto, blockchain, and NFTs. With over 3 years of experience in the industry, Kumar has established a proven track record in crafting compelling narratives, conducting insightful interviews, and delivering comprehensive insights. Kumar's expertise lies in producing high-impact content, including articles, reports, and research publications for prominent industry platforms. With a unique skill set that combines technical knowledge and storytelling, Kumar excels at communicating complex technological concepts to diverse audiences in a clear and engaging manner.

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