Global cryptocurrency exchanges FTX and Binance have invested in the Web3 publishing platform Paragraph to expand the Web3 ecosystem.



According to industries on the 29th, Paragraf raised 1.7 million dollars (about 2.4 billion won) through pre-seeded investment rounds. If Lemniscap had led the funding, Binance Labs, FTX Ventures, Seed Club Ventures, GCR, and Spermion participated as investors.



Paragraf is a startup founded by Colin Armstrong, who worked as a software engineer at Google and Coinbase. Paragraf has developed a web3 platform that allows creators to produce and distribute content. Paragraph makes it easier for creators to access the Web3 environment through its platform.



Paragraf mainly invests the funds secured this time to expand its engineering team. The plan is to promote product development and user expansion through this.



“Today’s creator economy is empowering more than 50 million people worldwide and has become the fastest-growing business sector,” a Paragraph official said. “However, the infrastructure to support producers is still primitive compared to the size of the market.” We will provide an efficient, comprehensive and simple method of publishing content powered by blockchain technology.