The web3 publishing business Paragraph has acquired the blogging site Mirror and raised $5 million.
Mirror Development recently announced that Coinbase Ventures and Union Square Ventures were the lead investors in the latest round of fundraising. The product, design system, and trademark associated with Mirror will soon be under the care of Paragraph.
Launched in the latter half of 2020, Mirror was an online publication platform that gave authors access to cryptocurrency features including decentralized storage, domains, crowdfunding, and NFTs. Businesses often made announcements and blog posts on the site.
“When I started Mirror in 2020, I gambled on the potential for platforms that integrate content with markets of value,” said Denis Nazarov, creator of Mirror. “I can’t wait for Colin to bring Mirror to the next level of blockchain publishing.”
Launched in 2021, Paragraph allows artists to earn money directly from subscribers to their newsletters, on-chain social features, and chat interfaces. The number of people using the platform within the Farcaster community has grown.
“Paragraph’s creator, Colin Armstrong, recently made exciting news that would allow the company to move even faster on its objective and help millions more artists develop direct ties with their audience. We’ve helped thousands of creators build direct relationships with their audience,” Armstrong said.
A future where onchain technology is the norm for content producers globally, not simply an option, is something Armstrong is “thrilled” to lead his amazing team towards.
According to the site, there won’t be any sudden changes for authors and publishers that use Paragraph and Mirror. They will keep using the same publishing tools and the material will be unaffected.
“Base CEO Jesse Pollak expressed his excitement about the new cooperation and investment, saying, We’re pleased to double down on onchain publishing and help bring even more artists onchain.” The announcement came from Coinbase Ventures and the Base Ecosystem Fund.
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