Social Coop Limited, an entity affiliated with Mask Network, a protocol that allows users to send encrypted messages and cryptocurrency transfers across social media, has acquired Pawoo.net, one of the largest instances/servers on social media site Mastodon, according to a blog post.
The cost of the acquisition remains undisclosed but the new team will take over operations on Dec. 21, the blog post said.
Japan-based Pawoo is the second largest instance, which is another term for an internet server, on Mastodon with around 800,000 users.
Mastodon has rapidly increased in popularity since Elon Musk took over Twitter in October. Musk controversially restricted users that promoted Mastodon and other social media websites, a decision that he admitted «was a mistake» during a Twitter spaces on Wednesday.
Mask Network, which said the acquisition will help build a «decentralized social network and a free, open internet,» has raised almost $50 million from investors since its launch in 2017, according to Crunchbase.
The Mask Network’s native token (MASK) is currently trading at $2.28 having slumped by 1.08% over the past 24-hours, according to CoinMarketCap.