According to TechFlow, on October 25, the decentralized social media platform Bluesky announced the completion of a $15 million Series A financing round. This round of financing was led by Blockchain Capital, with participation from SevenX, True Ventures, and Alumni Ventures.
Although most of the investors are cryptocurrency-related institutions, Bluesky said it will not introduce digital assets on the platform. The company stated: "This does not change the fact that the Bluesky application and AT protocol do not use blockchain or cryptocurrency, and we will not over-financialize the social experience."
Bluesky, founded by Jack Dorsey, was co-founder and former CEO of Twitter. The platform is built on the decentralized AT protocol and currently has more than 13.1 million registered users. Since the end of August, the number of Bluesky users has surged by millions as Twitter (now renamed X) under Musk has taken a series of controversial measures.
The company said the new financing will be used to support and develop the community, invest in trust and security, and promote the developer ecosystem. In addition, Bluesky plans to develop a subscription model to provide users with features such as high-quality video uploads, customized profile colors and avatar frames. Bluesky is considering launching a micropayment function for creators, but emphasized that these payments will not use cryptocurrency.
