Solcial Raises $2.9m in Seed Funding

Funding will go toward hiring, marketing as well as product development of the social network.

We are proud to announce the successful close of our seed round with participation from Solana Capital, Rarestone Capital, GBV, Shift Capital, and Noia Capital. We raised a total of $2.9 million and received support from some of the top names in the blockchain space.

The Censorship Resistant Social Network on Solana

With censorship and the overall abuse of user data only increasing across the world’s most popular social networks, Solcial breathes new life into plans to build a hub for sharing content, following the news and even trading assets, in a censorship-free environment. Solcial takes advantage of Solana’s high speed and Serum’s decentralised trading capabilities to offer users the best possible experience, matching that of current centralised social networks.

Building a fast and scalable on-chain social network is only possible with high-throughput blockchains that emerged about a year ago.

“If posting a photo takes you 2min to confirm and costs you $30 in fee there is no way a social network could scale to millions of users, Solcial had to use a much faster and cheaper blockchain”, says Michael Burgess, head of partnerships at FTX.

Solcial is targeting a launch for Q4 this year, with a fair launch allowing people to earn the network token for free through an innovative farming program.

“I’ve been a crypto native for a few years now, and while twitter is my platform of choice, I absolutely feel the need to move to a decentralised platform that gives the users more flexibility and say in what happens.” argues Charles Read, partner at Rarestone Capital.

“Seeing governments around the world instructing Facebook and Twitter to remove content at will is really scary. People in the west take freedom of speech for granted, but you only realise its value when it’s taken away from you.” says a Taiwan based contributor who wishes to remain anonymous. “Plus in all these years I’ve never made a penny on Twitter, while we bring tons of advertising revenue targeting the crypto community.”

About Solcial

Solcial is a decentralised social network that gives users the power of web3 by allowing people to interact with each other without fearing censorship, and allowing content creators to be rewarded fairly at market value.

Get in Touch

Email: [email protected]

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