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.
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