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

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

This infusion of capital follows their pre-seed announcement by three months.

beoble intends to deploy the raised funds towards the launch of beoble V2 scheduled for next month. This upgraded version boasts an array of features, including multi-chain integration, in-app social trading functionalities, an over-the-counter (OTC) trading function, business-to-business (B2B) integrations, and innovative chat-based advertising capabilities.

Sung Min Cho, CEO, and co-founder of beoble, shared with Cryptonews, stating:

“Our recent Seed round bolsters our vision of revolutionizing Web3 communication, empowering individuals to engage securely and authentically. We aspire to cultivate a connected world where every individual can interact in a truly Web3 manner.”

Demand for Decentralized Social Media Alternatives Rises

Since its beta introduction in December, beoble has rapidly amassed a substantial user base, boasting 354,000 monthly active users and 600,000 monthly active wallets in January 2024 alone.

This swift expansion underscores the platform’s potential to meet the growing demand for decentralized social media alternatives, particularly amid escalating concerns regarding data privacy and user ownership on centralized platforms.

beoble’s emphasis on “SocialFi” resonates with the prevailing trend of integrating DeFi (Decentralized Finance) elements into social media platforms, paving the way for novel financial opportunities for users beyond traditional social media models.

In tandem with the introduction of new features, beoble is poised for the unveiling of its native token, BBL, scheduled for February 28th, 2024.

The token is slated for use in various in-app activities, encompassing B2B payments, B2C utilities such as donations and social trading, NFT (Non-Fungible Token) OTC (Over-the-Counter) fees, and in-app advertisements.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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