A developer of software for decentralized social-media networks founded by two former Coinbase Global Inc. executives is close to completing a funding round valuing it at about $1 billion, people with knowledge of the matter said.
Crypto investment firm Paradigm is leading the investment in Los Angeles-based Merkle Manufactory, whose software underpins the Farcaster social-media network, the people said, asking not to be named as details haven’t been made public.
