Blockchain agency Arcana Network has closed its newest spherical with a staggering $2.3 million funding from main traders within the blockchain and crypto house. Arcana is a decentralized storage layer for DApps on Ethereum and different EVM appropriate chains. The decentralized storage protocol acquired funding from a number of traders, a few of which led on the strategic spherical. These embody Republic Crypto headed by Kendrick Nguyen because the CEO, and one other VC Woodstock Fund. Other traders that participated within the spherical embody Digital Currency Group (DCG), Hyperedge, Sahil Lavingia’s shl.vc, Fenbushi Capital, LD Capital, and Paradigm Shift VC.
Arcana Raises $375k from Republic Crypto, Coinbase Former CTO and Others at Seed Round
During its seed spherical that was closed in July, Arcana raised as much as $375k from a number of high-profile traders akin to former Coinbase CTO Balaji Srinivasan, Sandeep Nailwal and JD Kanani, Founders of Polygon (previously Matic), and Kendrick Nguyen, Founder & CEO of Republic.
Arcana’s $2.3 million fundraise within the newest (strategic) spherical additionally witnessed participation from traders Ganesh Swami, CEO of Covalent, Ajeet Khurana, Builders Tribe, Nishal Shetty of WazirX, and Ajit Tripathi from Aave, together with Arcana’s seed traders Arcanum Capital. With the contemporary capital at its disposal, Arcana is aiming for the zenith alongside its solutions-based merchandise akin to Skizzle which permits for switch of information by way of emails and blockchain supported by end-to-end encryption.
Arcana Prepares to Launch Native Token and Others
Arcana can be eyeing the launch of a local token, $XAR, that will likely be a core a part of the storage layer. The $2.3 million will go a good distance within the launch of the token coupled with different merchandise and occasions. Arcana is taking a look at constructing a neighborhood following the eager curiosity that trailed its waitlist. Many builders joined the waitlist indicating their curiosity in test-running Arcana’s software program growth equipment (SDK). With its Alpha testnet due for launch this month, Oct 2021, Arcana has onboarded a number of companions to check its SDK.
Launched in 2019, Arcana goals to be the powerhouse for decentralized storage that builders can simply relate with.
With a number of different storage platforms akin to Storj, Filecoin, IFPS out there available in the market, Arcana is intent on providing extra worth to builders and their DApps.
Commenting on the agency’s worth propositions and their purposes to totally different industries, CEO Mayur Relekar stated;
Data privateness and safety will likely be first-class residents in each app’s stack. Privacy and possession of knowledge will likely be a necessity for each product and builders want simple to make use of instruments to fulfil this. With a imaginative and prescient to be a privacy-first and developer-friendly platform, Arcana is working with builders throughout sectors from DeFi, NFT platforms, Social Networks, and Wallets, to conventional net 2.0 merchandise in Fintech, Healthcare, and Enterprise SaaS, to carry privateness and safety to their information.”
Arcana was based by Mayur Relekar who's at present the CEO. Aravindh Kumar and Abhishek Chaudhary are CEO Relekar’s co-founders. Since its founding levels, Arcana has signed a number of partnership offers with corporations sharing the identical imaginative and prescient as itself. Some of them embody fan-first sports activities fantasy platform Rage.fan, DIA, Headstart, India’s largest start-up ecosystem enabler.