Bluesky raises 15 million from cryptocurrency company but says no to tokens

Coinworldnet report:
Social media platform Bluesky has experienced rapid growth since its acquisition by Elon Musk on Twitter. The company announced on Thursday that it has raised $15 million in a funding round led by a cryptocurrency-focused venture capital firm.
However, this does not mean that the social media network plans to accept digital assets. The funding round, known as Series A, was led by Blockchain Capital, a venture capital firm that has invested in OpenSea, Kraken, and Coinbase. Several other cryptocurrency-related venture capital firms, including SevenX, True Ventures, and Alumni Ventures, also participated in this round of funding.
Nevertheless, the social media startup vows that it will not “over-financialize” Bluesky’s social experience by integrating tokens, NFTs, or other blockchain-based technologies into its platform. Bluesky is built on the decentralized AT protocol.
“This does not change the fact that the Bluesky application and the AT protocol do not use blockchain or cryptocurrencies, and we will not over-financialize the social experience,” Bluesky stated in its statement.
Bluesky currently has over 13.1 million registered users, according to data shared by developers.
Since late August, millions of users have joined Twitter due to controversial actions taken by Musk, who runs the platform. Bluesky was originally established under Twitter’s umbrella, under the early leadership of co-founder and former CEO Jack Dorsey, but was spun off prior to Musk’s acquisition in 2022.
The social media platform plans to use its new funding to support and grow its community, invest in trust and security, and strengthen its developer ecosystem. It will also allocate funds to develop Bluesky’s subscription model, which will enable users to access features such as higher-quality video uploads, customizable profile colors, and avatar frames.
Bluesky clarified that the company is also considering introducing micro-payments for creators within its community, but these payments will not be made using cryptocurrencies.
Editor: Andrew Hayward