Bluesky secures $15 million funding from cryptocurrency companies, rejects tokens

Bluesky, the social media platform that has seen surging growth following Elon Musk’s takeover of Twitter, raised $15 million in a funding round led by a crypto-focused venture capital firm, the company announced Thursday.

But that doesn’t mean the social media network plans to embrace digital assets. 

The Series A funding round was led by Blockchain Capital, a venture firm that has invested in OpenSea, Kraken, and Coinbase. Several other crypto-related venture firms—including SevenX, True Ventures and Alumni Ventures—participated in the funding round, as well.

Nonetheless, the social media startup vowed that it would not “hyperfinancialize” the Bluesky “social experience” by integrating crypto tokens, NFTs, or other blockchain-based technology into its platform. Bluesky is built atop the decentralized AT Protocol.

“This does not change the fact that the Bluesky app and the AT Protocol do not use blockchains or cryptocurrency, and we will not hyperfinancialize the social experience,” Bluesky said in its statement.

Bluesky now has over 13.1 million registered users, according to data shared by a developer, with a few million of those users coming since late August amid controversial moves from the Musk-run Twitter. Of course, Bluesky was originally founded under Twitter, under the earlier leadership of co-founder and former CEO Jack Dorsey, but spun out ahead of Elon Musk’s 2022 purchase.

The social media platform plans to use its new capital to support and grow its community, investing in Trust and Safety and boosting its developer ecosystem. It will also pour the funds into developing a subscription model for Bluesky that will give users access to features such as higher-quality video uploads and customizable profile colors and avatar frames. 

The company is also considering rolling out micropayments for creators within its community—but those payments will not use crypto, Bluesky clarified.

Edited by Andrew Hayward

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In a world where social media platforms and cryptocurrencies reign supreme, Bluesky has managed to carve out a unique space for itself. With a surge in growth following Elon Musk’s takeover of Twitter, Bluesky recently raised $15 million in a funding round led by Blockchain Capital and other prominent crypto-focused venture firms. Despite this injection of capital, Bluesky has made it clear that it has no intention of integrating digital assets into its platform.

The Series A funding round, which saw participation from investors like SevenX, True Ventures, and Alumni Ventures, was aimed at bolstering Bluesky’s community and developer ecosystem. The social media platform has amassed over 13.1 million registered users, with a significant portion joining in the wake of controversial decisions made by Twitter under Musk’s leadership.

Bluesky’s refusal to embrace cryptocurrencies and blockchain-based technologies sets it apart from other social media platforms looking to capitalize on the growing trend of digital assets. The company’s commitment to maintaining a decentralized and hyperfinancialized social experience has garnered praise from its user base.

With plans to introduce a subscription model offering premium features like higher-quality video uploads and customizable profiles, Bluesky is poised to enhance its user experience and foster community growth. Additionally, the company is exploring the possibility of implementing micropayments for creators within its platform, a move that aligns with its dedication to supporting content creators.

As Bluesky continues to evolve and expand, it remains steadfast in its mission to provide a secure and engaging social media environment free from the complexities of blockchain technology. By focusing on user experience and community-driven initiatives, Bluesky sets itself apart as a platform that prioritizes its users above all else.

In conclusion, Bluesky’s unique approach to social media and commitment to its user base make it a standout platform in an increasingly crowded market. With a clear vision for the future and a focus on innovation, Bluesky is well-positioned to continue its growth and success in the ever-changing landscape of social media. Visit [DeFi Daily News](http://defi-daily.com) for more trending news articles like this.



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