On June 10th, it was reported that according to the official announcement from Towns Protocol, the communication platform has successfully completed an additional financing of 3.3 million US dollars. This round of financing concluded in April this year, jointly led by the renowned Coinbase Ventures and echo.
It is worth mentioning that as early as April this year, Towns Protocol had announced the completion of a Series B financing of up to 10 million US dollars. At that time, the lead investor of that round of financing was a16z crypto. Many institutions such as Coinbase Ventures and Benchmark have also participated in it one after another, which is sufficient to show the high attention and recognition of the market for this project.
Towns Protocol is built on the Base network and is committed to pioneering and innovating in the field of Web3 social and collaboration tools. Its vision is unique, aiming to create a digital town square by leveraging decentralization and Web3 technologies. In this unique digital space, members enjoy a great deal of autonomy, being able to define boundaries and set rules independently, and thereby build a virtual world that meets their expectations, truly becoming the masters of the digital town square.
Coinbase Ventures, as a venture capital fund under Coinbase, has been actively engaged in early-stage investments in cryptocurrency and blockchain startups, aiming to promote the vigorous development of the entire blockchain and cryptocurrency industry. This leading investment in Towns Protocol reflects its optimism about the potential in the Web3 social and collaboration field. echo’s participation in leading the investment has also filled the market with imagination about the future development of Towns Protocol, expecting it to bring more innovative changes to the Web3 social ecosystem with the support of new funds. With the injection of this fund, the subsequent actions of Towns Protocol in aspects such as product research and development and market expansion will undoubtedly become the focus of industry attention.
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