Paragraph Secures $5M Funding and Acquires Mirror: A New Era for Web3 Blogging in the Crypto World | COINOTAG NEWS

• Web3 publishing startup, Paragraph, has raised $5 million and acquired the blogging platform Mirror.

• The funding round was led by Coinbase Ventures and Union Square Ventures.

• Paragraph will now oversee Mirrors product, design system, and brand.

Paragraph, a web3 publishing startup, has secured a significant funding round and acquired the blogging platform Mirror, marking a significant development in the crypto publishing space.

Paragraphs Acquisition of Mirror

Founded in late 2020, Mirror introduced a publishing platform that provided writers with crypto tools including decentralized storage, domains, crowdfunding, and NFTcapabilities. The platform was frequently used by companies to publish announcements and blogs. “When I founded Mirror in 2020, I bet on the potential for platforms that merge content with marketplaces of value,” said Mirror founder Denis Nazarov. “Im excited to see Mirror taken to the next level of onchain publishing under Colins leadership.”

Paragraphs Vision for Onchain Publishing

Paragraph was launched in 2021, designed to enable creators to monetize directly through newsletter subscriptions and on-chain social features, as well as messaging integrations. The platform has expanded its user base within the Farcaster community. “We‘ve helped thousands of creators build direct relationships with their audience, and with this exciting announcement, we’ll be able to move even quicker on our mission and help millions more,” stated Paragraph founder Colin Armstrong. “Im thrilled to lead our talented team towards a future where onchain technology is not just an option but the standard for content creators worldwide,” said Armstrong.

No Immediate Changes for Mirror and Paragraph Users

The blog also stated that for writers and publishers using Mirror and Paragraph, there will be no immediate changes. The content will remain intact and they will continue to have access to the existing publishing tools. “With this new partnership and investment from Coinbase Ventures and the Base Ecosystem Fund, were thrilled to double down on onchain publishing and help bring even more creators onchain,” said Base CEO Jesse Pollak.

Conclusion

This acquisition marks a significant step in the evolution of onchain publishing. With the backing of major investors, Paragraph is well-positioned to further develop its platform and bring more creators into the world of onchain publishing. The continuity of Mirrors services ensures that existing users can continue to benefit from its unique crypto tools.