The web3 publishing platform Paragraph raised $5 million in fresh financing in addition to acquiring Mirror, an Ethereum-based blogging platform.

Paragraph founder Colin Armstrong will serve as CEO and Mirror founder Denis Nazarov will take on an advisor role, according to a release from Paragraph. Paragraph also raised $5 million in fresh financing from Union Square Ventures and Coinbase Ventures.

Paragraph notes that no immediate changes will occur on either platform for writers and publishers. "All of your writing will remain and you'll still have access to the same great tools for publishing," Paragraph said in the release.

"We're thrilled to accelerate our mission of fundamentally changing how creators build and grow direct relationships with their audience," Armstrong wrote on the social media platform X Thursday.

In October 2022, Paragraph raised $1.7 million in pre-seed funding led by Lemniscap, a web3-focused investment firm. FTX Ventures, Binance Labs, GCR and Seed Club Ventures also participated in the round.

The acquisition of Mirror and the fresh funding from notable investors like USV and Coinbase Ventures positions Paragraph as a significant player in the web3 publishing space. By combining forces with Mirror, Paragraph aims to provide a robust platform for creators to build and engage with their audiences directly, leveraging the possibilities of decentralized technologies.

Looking ahead, Paragraph and Mirror are exploring further integrations with platforms like Farcaster to enhance blockchain-based transactions and social interactions within their communities.

The vision is to create a seamless experience where users can not only publish and consume content but also participate in various web3 activities, such as minting NFTs, buying and selling assets, and engaging in token-powered channels or group chats.

As stated in a recent statement from Mirror Development, "When onchain social meets onchain commerce, it's more than just posting, liking, sharing and commenting. It's being able to share an image and make it mintable as an NFT with one click.

It's being able to discover and buy the assets your friends are collecting and creating directly in the feed. It's being able to bring together like-minded collectors and community members in a token-powered channel or group chat. It's being able to tip, earn, and be notified when anything important happens — all without leaving the app."

With the backing of notable investors and the acquisition of Mirror, Paragraph is well-positioned to drive innovation in the web3 publishing and social space, empowering creators and users alike to explore new avenues of content creation, ownership, and community engagement.