Bitcoin-powered social media platform ZapChain has raised $350,000 in seed funding and is launching a new digital goods initiative in partnership with Coinbase today.

The money was raised from venture capitalist and Draper Fisher Jurvetson (DFJ) partner Tim Draper, Boost VC founder and CEO Adam Draper and the Boost Bitcoin Fund.

According to ZapChain chief operating officer Dan Cawrey, the funds are being used to expand its ranks of content creators and digital community members.

"I invested in ZapChain because the company is giving bitcoin one of its highest and best uses," Tim Draper said in a statement. "I am excited about how the blockchain can easily make micropayments to journalists and other media producers without bank friction."

The site's partnership with Coinbase, unveiled today, enables users to purchase and sell bitcoin within ZapChain, facilitating the purchase of digital goods on the platform. Recording artist Talib Kweli will be selling his latest album, Indie 500, as well as individual songs via ZapChain.

In statements, Kweli said that the technology behind bitcoin can help make music more accessible – and potentially open new markets for musicians.

"We believe in doing the music that we love and getting it to the people that love it, no matter where you are or who you are," he said.

ZapChain is also launching a new digital community creation tool today. Users can customize community incentives using bitcoin, meaning that micropayments can be made to those who post content, start discussions and sell products or services.

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