A social network that has been dubbed the “internet of money” has seen its stock prices rise after it was announced that it has raised $1.2 million in Series A funding.
Bitcoin social network Mastodon raised a $500,000 Series A round, led by venture capital firm Andreessen Horowitz.
Mastodon will use the funding to help expand its network of thousands of followers.
It’s a bold move for a network that was initially conceived to be a way to provide a more private space for people to discuss, discuss, and share their opinions and experiences, rather than an online platform where users can purchase or sell bitcoin.
Mastodon, which was created to be “a peer-to-peer, community-driven network for bitcoiners,” is now a fully functional business.
It plans to add new features including an in-app currency called BitShares and to develop more robust products.
“The Mastodon platform will provide the platform for more of the community to share their knowledge, experiences, and stories, and allow the Mastodon community to grow and improve,” the company said in a blog post.
Malta-based Mastodon was founded in May 2015, and has about 5 million followers on Facebook.
The company is currently raising $100 million in funding.
The funding round comes as Mastodon has been hit by the financial crisis, with its stock price plummeting from over $20 per share to less than $0.001 a share in late June.
Mastodons share price has been falling since the company announced its Series A deal with Andreessen and raised the money.
In addition to raising funds, Mastodon also said it would be joining with the likes of PayPal and Visa to launch an app that will allow users to trade bitcoin for fiat currency.
Mastonodes app is scheduled to launch in the first quarter of 2019.