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MeWe Secures $6 Million Series B Investment to Expand Web3 Integration

Key Points:

  • MeWe raises $6 million in Series B funding led by McCourt Global to boost Web3 integration.
  • The social media platform aims to secure an additional $6 million to complete the round.
  • Over 1 million MeWe users have already migrated to the Frequency blockchain.
  • Funds will support AI development, new Web3 features, and a native token launch.

MeWe Expands Web3 Integration with New Funding

Privacy-focused social media platform MeWe has secured $6 million in an initial Series B funding round, led by McCourt Global, to accelerate its transition to Web3. This marks a key step in MeWe’s growth strategy as it continues to push decentralized technologies for its 20+ million users. The company is seeking an additional $6 million to complete the Series B round, which will further support its ongoing efforts to innovate within the rapidly evolving social media space.

The funds will fuel several initiatives, including the development of AI-driven features, enhanced Web3 services, and the launch of a native token aimed at improving user engagement and platform utility. MeWe’s goal is to expand its user base through targeted marketing campaigns and solidify its position as a leader in decentralized social media.

Migration to Web3 and Blockchain Integration

Over the past year, MeWe has focused on migrating its users to the Frequency blockchain, a Layer 1 platform built on the Decentralized Social Networking Protocol (DSNP). This integration has already resulted in the migration of more than 1 million users, marking a significant milestone in the company’s transition to Web3. The Frequency blockchain allows for decentralized control of personal data, offering users enhanced privacy and ownership of their content.

This migration underscores MeWe’s commitment to maintaining user privacy while exploring innovative technologies. By enabling users to retain control over their data, the platform challenges the traditional social media model, where user data is often exploited for advertising and third-party purposes.

Jeffrey Edell, Chairman and CEO of MeWe, emphasized the company’s dedication to embracing Web3 technologies: “This Series B round allows us to accelerate the transition to a decentralized web, offering our users more control over their online experience. We are eager to continue pioneering the future of social media with the support of forward-thinking investors.”

Positioning for the Future of Decentralized Social Media

MeWe’s progress in the Web3 space positions it as a major player in the movement toward a decentralized internet. By using blockchain technology to give users control over their social graphs and data, MeWe is setting a new standard for privacy-first social networking. The recent funding will be instrumental in driving these advancements, as well as in developing additional features that enhance user experiences and encourage platform growth.

Advisory board member Divya Narendra highlighted the significance of MeWe’s efforts, noting that the company is leading the charge in proving that decentralized, scalable technology solutions exist for social media networks. These solutions, he added, allow platforms to prioritize user privacy without compromising functionality or growth.

Looking ahead, MeWe plans to further integrate Web3 capabilities and expand its offerings to include decentralized applications and tokenized services. As the migration to the Frequency blockchain continues, the company expects user adoption to increase significantly, especially as more people become aware of the benefits of decentralized social networks.

With this latest funding round, MeWe is well-positioned to continue its pioneering work in the decentralized social media landscape, offering its users a unique combination of privacy, control, and innovative Web3 features.