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Decentralized social network Bluesky has raised millions in a Series A funding round led by Blockchain Capital to double down on the expansion of its service.
Bluesky, the decentralized social network co-founded by Jack Dorsey, has reinforced its focus on user-centered design by announcing that it will “not hyper-financialize the social experience” by launching a token.
The statement follows a $15 million funding round led by Blockchain Capital, a venture firm that previously backed Anchorage, BitGo and Coinbase, among others. The financing was also supported by Alumni Ventures, True Ventures, SevenX and others, the company revealed Thursday. blog ad on October 24.
While Bluesky did not disclose its valuation, the company noted that the new capital would help fuel its growth trajectory, which has seen its user base surpass 13 million since its transition to an open platform earlier this year. Despite having the backing of a web3-focused company, Bluesky reiterated its decision to refrain from launching a token.
“(…) The Bluesky app and the AT Protocol do not use blockchains or cryptocurrencies, and we will not hyper-financialize the social experience (through tokens, cryptocurrency trading, nfts, etc.)”
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Under the financing deal, Blockchain Capital general partner Kinjal Shah will join Bluesky's board of directors and said Shah “shares our vision of a social media ecosystem that empowers the people who use it, and we are excited to have with your support as we invest in driving the adoption of decentralized social networks.”
Additionally, Bluesky will begin developing a subscription model for features like “higher quality video uploads or profile customizations like avatar colors and frames.” Bluesky emphasized that “it will always be free to use,” stating that his belief is based on the conviction that “information and conversation should be easily accessible, not blocked.”
“We will not improve the ranking of accounts simply because they subscribe to a paid tier.”
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In addition to the funding, Bluesky plans to develop a subscription model for enhanced features such as higher quality video uploads and profile customizations, while emphasizing that the platform will remain free for all users.
“We will not improve the ranking of accounts simply because they subscribe to a paid tier.”
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Despite his ambitious plans, Dorsey distanced himself from Bluesky and expressed disappointment in the platform's alignment with conventional social media practices, particularly when it comes to moderation tools. His departure from the board has raised concerns that the social network is straying from its primary goal of decentralization, which could reflect the challenges twitter encountered during his tenure.
