Ephemera, the developer of the decentralized messaging protocol XMTP, has just completed a Series B funding round of 20 million USD, raising the company's valuation to 300 million USD.
The XMTP protocol has been integrated by Coinbase as core infrastructure in the Base application, supporting end-to-end encrypted communication between wallet addresses, preparing for the mainnet launch and building the ecosystem.
MAIN CONTENT
Ephemera raised 20 million USD with a valuation of 300 million USD after Series B.
XMTP is integrated as the main infrastructure on Coinbase's Base application.
The development team will expand to push for the mainnet launch and ecosystem development.
How much funding did Ephemera raise and from which investors?
Ephemera has received 20 million USD in a Series B funding round, led by Union Square Ventures, a16z crypto, and Lightspeed Faction. Investors include Coinbase Ventures, Offline Ventures, Sound Ventures, and Distributed Global, affirming the market's strong belief in the potential of the XMTP protocol.
This funding round brings Ephemera's equity valuation to 300 million USD, while the entire ecosystem related to XMTP is valued at 750 million USD, reflecting the project's significant influence.
How has XMTP been applied in the current cryptocurrency ecosystem?
Coinbase has upgraded the XMTP protocol from an optional feature to a core infrastructure in the newly launched Base application. End-to-end encryption technology helps protect privacy and security in direct communication between wallet addresses, establishing a new standard for decentralized messaging.
"Integrating XMTP into Base not only enhances security but also opens up opportunities to build decentralized applications with higher interoperability."
Fred Wilson, Partner at USV, 2024
The protocol has officially been operational on the testnet since February this year, confirming a stable development phase and readiness to transition to mainnet soon.
What are Ephemera's plans for project development after the funding?
Ephemera plans to expand its workforce to accelerate the launch of the mainnet and develop a vast ecosystem around XMTP. The involvement of Fred Wilson – a leading partner at USV as a board member will enhance leadership capabilities and expand strategic partnerships.
The project aims to create a new standard for secure communication in the cryptocurrency world, contributing to the robust development of DApp products and services.
Frequently Asked Questions
What is the XMTP protocol?
XMTP is a decentralized end-to-end encrypted messaging protocol, allowing secure communication between wallet addresses in the cryptocurrency ecosystem.
Who led the recent funding round of Ephemera?
The Series B funding round of 20 million USD was led by Union Square Ventures, a16z crypto, and Lightspeed Faction.
Which application has integrated XMTP technology?
Coinbase's Base application integrates XMTP as core infrastructure, enhancing security in electronic wallet communication.
What does Ephemera plan to do with the raised funds?
They will expand the team to drive the completion of the mainnet and develop the ecosystem for the XMTP protocol.
What is the current valuation of Ephemera and XMTP?
Ephemera is valued at approximately 300 million USD, while the entire XMTP network is valued at 750 million USD.
Source: https://tintucbitcoin.com/xmtp-goi-von-20-trieu-usd-series-b/
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