Bloomberg reports, citing people familiar with the matter, that Farcaster developer Merkle Manufactory is about to complete a round of financing led by Paradigm, valuing it at approximately US$1 billion. Dan Romero, former vice president of Coinbase and co-founder of Merkle, confirmed on March 29 that the startup was raising funds, but did not mention the amount. As previously reported, Merkle completed US$30 million in financing led by a16z Crypto in July 2022.