Satellite

The firm is positioned as a Web3 alternative to mainstream messaging applications like Discord, aiming to serve crypto communities by providing crypto-native features on a decentralized backend. Satellite IM secured $10.5 million in a seed funding round in August 2022, led by Framework Ventures and Multicoin Capital, with participation from Solana Ventures, IDEO CoLab, and others. This capital was intended to accelerate the company's growth and operational expansion.

The platform's core technology leverages the InterPlanetary File System (IPFS) for peer-to-peer storage, enabling serverless, end-to-end encrypted communication. This architecture ensures that user data is not tracked or stored by a central entity, giving users full ownership. The service supports high-quality communication features, including 4K video chat and streaming, lossless audio, and large file sharing of up to 4GB, all provided at no cost to the user. The system is designed to be developer-friendly, with a modular, open-source framework that is EVM-compatible, allowing for integration with various layer-1 blockchains. The eventual business model is expected to resemble an app store, where developers can build applications on the platform and share revenue with Satellite IM.