Paragraph, a web3 publishing startup, has recently received $5 million in funding and has acquired the blogging platform Mirror. The funding round was led by Coinbase Ventures and Union Square Ventures. As part of the acquisition, Paragraph will take over stewardship of Mirror, including its product, design system, and brand. Mirror, founded in late 2020, was known for its publishing platform that provided writers with crypto tools such as decentralized storage, domains, crowdfunding, and NFT capabilities. The platform was used by companies for publishing announcements and blogs.
Denis Nazarov, the founder of Mirror, expressed excitement about the acquisition and stated that he believed in the potential of platforms that merge content with marketplaces of value. The new leadership under Colin Armstrong is expected to take Mirror to the next level of onchain publishing. Paragraph, which was launched in 2021, enables creators to monetize directly through newsletter subscriptions and on-chain social features. The platform has seen growth within the Farcaster community and aims to help millions of creators connect with their audience through onchain technology.
Colin Armstrong, the founder of Paragraph, expressed excitement about leading the team towards a future where onchain technology is not just an option but the standard for content creators worldwide. Despite the acquisition, there will be no immediate changes for writers and publishers using Mirror and Paragraph. Content will remain intact, and users will continue to have access to existing publishing tools. The collaboration with Coinbase Ventures and the Base Ecosystem Fund will help Paragraph double down on onchain publishing and bring more creators onto the platform.
Jesse Pollak, the CEO of Base, expressed excitement about the partnership and investment from Coinbase Ventures and the Base Ecosystem Fund. The goal is to further promote onchain publishing and attract more creators to the platform. The acquisition of Mirror by Paragraph indicates a growing interest in web3 technology and decentralized publishing platforms. Both companies are committed to providing creators with innovative tools and opportunities to monetize their content through blockchain technology. The future looks promising for onchain publishing, as more creators explore the possibilities offered by platforms like Paragraph and Mirror.
