In a recent development reported by Foresight News, Freechat, a blockchain social platform, has successfully secured a noteworthy $80 million in funding, achieving an impressive valuation of $800 million.
The specific investment institutions involved in this funding round have not been disclosed. The substantial capital influx is earmarked for the expansion of Freechat’s creator incentive program, aimed at attracting and rewarding content creators across various formats, including images and videos, to actively participate on the platform.
Having been established in 2022, Freechat initially garnered support through a $2 million seed round in August of the same year. Since then, the platform has steadily progressed and reached a significant milestone with the launch of its global servers in the early months of 2023.
The platform’s current ecosystem encompasses diverse modules, including the foundational online chat and community operations, along with the more recent additions of the creator plan, short video module, and community square sections.
The allocated funds are strategically directed towards enhancing the creator incentive program, positioning Freechat as an attractive space for creative individuals to showcase their talents while being duly rewarded.
As Freechat continues to evolve and expand its offerings, the recent funding injection is expected to play a pivotal role in fostering growth, user engagement, and overall sustainability within the blockchain-powered social platform.