Decentralized messaging protocol XMTP completes $20 million Series B funding round, led by a16z crypto and others

Decentralized messaging protocol XMTP development company Ephemera has completed a $20.00 million Series B funding round led by Union Square Ventures, a16z crypto, and Lightspeed Faction, with participation from Coinbase Ventures, Offline Ventures, Sound Ventures, and Distributed Global. Following this round, Ephemera's equity valuation is $300.00 million, while the broader network encompassing the XMTP protocol, which will issue tokens, is valued at $750.00 million. The XMTP protocol has now been integrated into Coinbase's newly launched Base application, upgrading from an optional feature to core infrastructure. The protocol provides end-to-end encrypted communication services, supporting secure interaction between wallet addresses, and the testnet was launched in February of this year. Ephemera stated that it will expand its team size to promote the protocol's mainnet launch and ecosystem construction. USV partner Fred Wilson will join its board of directors. (The Block) [Odaily Planet Daily]