Crypto’s big promise is decentralization: decentralized money, decentralized cloud computing and, in the case of one startup, decentralized messaging. Ephemera and its founders, who are developers behind the protocol XMTP, say they’ve found a niche in building a decentralized network that they one day hope will challenge messaging apps like Signal and WhatsApp.
On Wednesday, Ephemera announced it has raised $20 million in a Series B funding round that values the startup at $300 million. Influential tech investor Union Square Ventures co-led the fundraise, and its cofounder Fred Wilson joined Ephemera’s board.
