Merkle Manufactory, the company behind the social network Farcaster, is closing in on a significant financial milestone courtesy of a new funding round led by crypto investment giant Paradigm.

This development positions Merkle to achieve a valuation surpassing the $1 billion threshold, signaling the firm's escalation to unicorn status within the tech and cryptocurrency sectors.

The investment in Merkle by Paradigm, known for its involvement with key players in the cryptocurrency industry like Coinbase and dYdX, underscores the growing interest and potential seen in companies that are innovating within the decentralised social media space.

Founded in 2020 by ex-Coinbase executives Dan Romero and Varun Srinivasan, Merkle's ascent is marked by its pioneering social media application, Warpcast, which operates atop Farcaster's decentralised network, illustrating a significant leap towards integrating social platforms with blockchain technology.