Web3 Social Media Platform beoble Secures $7 Million Seed Funding From Samsung, Hashkey, and Others

Hong Kong-based Web3 social platform beoble has closed its seed funding round, bringing in a total of $7 million from a diverse group of investors including Hashkey, Samsung, DCG, DWF Ventures, Nomura Laser Digital, Cypher Capital, and Blockchain Founders Fund.

This latest funding comes three months after their pre-seed announcement.

beoble plans to utilize the raised capital to launch beoble V2 next month, boasting features like multi-chain integration, in-app social trading functionalities, an over-the-counter (OTC) trading function, business-to-business (B2B) integrations, and even chat-based advertising.

Sung Min Cho, CEO and co-founder of beoble, in a comment shared with Cryptonews,said,

“Our recent Seed round fuels our vision to revolutionize Web3 communication by empowering everyone to interact securely and authentically. We aim to one day foster a connected world where every individual can engage and interact in a truly Web3 way.”

Demand for Decentralized Social Media Alternatives Rises

Since its beta launch in December, beoble has garnered a significant user base with 354,000 monthly active users and 600,000 monthly active wallets in January 2024 alone.

This rapid growth highlights the platform’s potential to address the rising demand for decentralized social media alternatives amidst growing concerns about data privacy and user ownership on centralized platforms.

beoble’s focus on “SocialFi” aligns with the trend of integrating DeFi elements into social media platforms, enabling new financial opportunities for users beyond traditional social media models.

In addition to the new features, beoble is gearing up for the launch of their native token, BBL, on February 28th, 2024.

The token will be used for various in-app activities, including B2B payments, B2C utilities like donations and social trading, NFT OTC fees, and in-app advertisements.