Mumbai: Arcana Network, a blockchain startup that offers decentralised storage and data privacy platform for Ethereum, has raised $2.3 million led by Republic Crypto and Woodstock Fund.
Digital Currency Group (DCG), Hyperedge, Sahil Lavingia’s
shl.vc, Fenbushi Capital, LD Capital, and Paradigm Shift VC also participated in the round.
The round also saw participation from a clutch of angles including Ganesh Swami, CEO of Covalent, Ajeet Khurana, Builders Tribe and WazirX CEO Nishal Shetty.
Arcana will use the funds to strengthen its product portfolio, launch
XAR tokens and hire more developers. The blockchain startup also plans to invest in community building.
Founded by Mayur Relekar (CEO) and cofounders Aravindh Kumar, and Abhishek Chaudhary in 2019, Arcana Network aims to be the most developer-friendly decentralised storage option amongst the other storage platforms such as Filecoin and Storj.
“More than 60% of the strategic fund raised would be devoted to build the community and develop a robust platform that will help app developers from easily authenticating users who can carry their keys and identity while interacting with apps, to easily sharing and managing access to data,” Kumar said.
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Himanshu Yadav, founding partner from Woodstock Fund said in a statement, “Arcana’s team has been building for more than two years and is tackling some of the biggest use cases and problems in the blockchain space – decentralised storage, privacy, and identity. Their modular and interoperable infrastructure stack will abstract a lot of complexities for the dapp developers thereby helping accelerate the application development on top of these next-generation Web 3.0 protocols.”