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Blockchain Startup Arcana raises $2.3 mn from Republic Crypto, Woodstock, others

01:53 PM Oct 13, 2021 | FPJ Web Desk

Arcana Network, a Blockchain startup that offers decentralised storage and data privacy platform for Ethereum and EVM compatible app developers, today announced that it has raised $2.3 million from leading investors in the Blockchain Ecosystem.

The strategic round of funding was led by Republic Crypto and Woodstock Fund, and also saw participation from Digital Currency Group (DCG), Hyperedge, Sahil Lavingia's shl.vc, Fenbushi Capital, LD Capital, and Paradigm Shift VC.

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The company has raised this round in less than a quarter since their Seed funding.

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The $2.3 million round also saw participation from Ganesh Swami, CEO of Covalent, Ajeet Khurana, Buidlers Tribe, Nishal Shetty of WazirX, Ajit Tripathi from Aave, along with Arcana’s seed investors AU21 and Arcanum Capital who’ve also invested in this round.

With this fundraise, Arcana expects to expand its squad, strengthen its product portfolio and soon launch Arcana's XAR token.

The company also plans to invest in community building; they had recently announced a waitlist for developers and witnessed 100s join the queue to get their hands on its SDK. They have closed the first series of project partnerships that will participate in Arcana’s Alpha Testnet Launching in Oct ’21.

Founded by Mayur Relekar (CEO) and Co-founders Aravindh Kumar, and Abhishek Chaudhary in 2019, Arcana Network aims to be the most developer-friendly decentralized storage option amongst the other storage platforms such as IPFS, Filecoin, Storj, Sia… and gives developers a privacy stack in addition to storage to help apps securely manage data with complete privacy preservation.

Mayur Relekar, CEO, Arcana believes, “With a vision to be privacy-first and developer-friendly platform, Arcana is working with developers across sectors from DeFi, NFT platforms, Social Networks, and Wallets, to traditional web 2.0 products in Fintech, Healthcare, and Enterprise SaaS, to bring privacy and security to their data.”

Aravindh Kumar, Co-founder said, “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.”

Himanshu Yadav, Founding Partner from Woodstock, said, “Arcana's 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.”

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