- Using USDC stablecoins, Farcaster co-founder Dan Romero revealed a new in-app payments functionality on Friday.
- Finding the recipient’s wallet address when sending cryptocurrency to them might be made easier with the help of the mobile app.
- According to VC backer Breck Stodghill, Farcaster’s growth is attributed to its ability to ship usable products.
On Friday, Farcaster, a well-known decentralized social media platform, revealed a new in-app payment option, which was co-founded by Dan Romero. The new feature leverages the USDC stablecoin for 1-tap payments via a user’s profile or the app’s chat platform. It was developed for the Farcaster client Warpcast.
One of the enduring problems with using cryptocurrency to pay people is being able to find their alphanumeric wallet address. This feature fixes that. That procedure is facilitated by the human-readable nature of Farcaster identities.
In an app you use on a daily basis for your phone, we want to make it simple to pay people using cryptocurrency.
Romero further revealed that the program will exclusively employ USDC on the Base Ethereum scaling layer, which is designed by Coinbase and lowers costs and confirmation times, at launch. However, he added, we enable other apps in the ecosystem to power different currencies and chains because Farcaster is an open protocol.
Since its 2020 launch, Farcaster has been progressively gaining popularity in the cryptocurrency space. Adoption was accelerated by the early 2024 release of Frames, which allowed users to run apps like web3 games or interactive NFTs straight into their newsfeeds without having to exit the app.
It is extremely difficult for a new player to overcome a strong network effect (such as Twitter).
A $150 million funding round lead by Paradigm was completed in May in Farcaster with participation from major venture capital firms like a16z, Haun Ventures, USV, Variant, and Standard Crypto.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
