Crypto Social Media Firm Gets Unicorn Valuation in Paradigm Deal

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.

Dan Romero, a former vice president at Coinbase and co-founder of Merkle, confirmed that the startup is raising money in a social media post on March 29, without specifiying ...