Zapchain, a bitcoin-driven social networking and content sharing platform, has raised $350,000 in seed funding.
The investment was made by venture capitalists Tim and Adam Draper and the Boost Bitcoin Fund, and will go toward expanding the network’s membership.
Zapchain brands itself as “a collection of communities where you can earn bitcoin for posting great content and joining discussions.” Users offer small amounts of bitcoin, on the scale of bits (1 bit = 1 millionth of a bitcoin) while soliciting discussion for topics of interest. Additional bitcoin can be earned for content that is featured in the forum.
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Tip Draper commented in a statement, “I invested in ZapChain because the company is giving bitcoin one of its highest and best uses. I am excited about how the blockchain can easily make micropayments to journalists and other media producers without bank friction.”
The startup also announced a partnership with Coinbase, whereby the latter will enable users to buy and sell bitcoins directly on Zapchain’s platform, thereby making it easier for them to purchase digital goods.
The deal is the first to be announced during what has been a quiet November for industry venture investment. October saw only 4 deals, bringing in a total of $11.7 million. By contrast, October and November 2014 saw total investment of $80.3 million and $21.7 million, respectively.