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beoble Closes Seed Funding Round, Raises $7 Million
Hong Kong-based Web3 social platform beoble has successfully closed its seed funding round, securing a total of $7 million in investment. The diverse group of investors includes Hashkey, Samsung, DCG, DWF Ventures, Nomura Laser Digital, Cypher Capital, and Blockchain Founders Fund. This funding round follows the pre-seed announcement made by beoble three months ago.
Plans for Utilizing Capital
beoble intends to use the raised capital to launch beoble V2 next month. This new version will introduce various features, including multi-chain integration, in-app social trading functionalities, over-the-counter (OTC) trading, business-to-business (B2B) integrations, and chat-based advertising.
Sung Min Cho, CEO and co-founder of beoble, expressed his vision for the company, stating, “Our recent Seed round fuels our vision to revolutionize Web3 communication by empowering everyone to interact securely and authentically. We aim to one day foster a connected world where every individual can engage and interact in a truly Web3 way.”
Rising Demand for Decentralized Social Media
Since its beta launch in December, beoble has seen significant growth, reaching 354,000 monthly active users and 600,000 monthly active wallets in January 2024. This growth underscores the platform’s potential to fulfill the increasing need for decentralized social media alternatives in response to concerns about data privacy and user ownership on centralized platforms.
beoble’s focus on “SocialFi” aligns with the trend of integrating DeFi elements into social media platforms, creating new financial opportunities for users beyond traditional social media models.
Upcoming Token Launch
In addition to the new features, beoble is preparing for the launch of their native token, BBL, on February 28th, 2024. The token will serve various in-app activities, such as B2B payments, B2C utilities like donations and social trading, NFT OTC fees, and in-app advertisements.
Ian is a cryptocurrency enthusiast blending humor with professionalism. With an engineering background and a storyteller's heart, he simplifies the blockchain world with sharp analysis and a touch of wit. At Cryptowire, he brings his unique perspective to make digital financial innovation accessible to all.
