Republic Crypto and Woodstock Fund led a $2.3 million round of funding for Arcana Network, a blockchain business that provides decentralized storage and data privacy for Ethereum (ETH).
The round was also attended by Digital Currency Group (DCG), Hyperedge, Sahil Lavingia’s shl.vc, Fenbushi Capital, LD Capital, and Paradigm Shift VC.
Ganesh Swami, CEO of Covalent, Ajeet Khurana, Builders Tribe, and WazirX CEO Nishal Sh were among those who participated in the round.
The cash will be used to expand Arcana’s product line, introduce XAR tokens, and recruit additional engineers. In addition, the blockchain business intends to invest in community development.
Arcana Network, founded in 2019 by Mayur Relekar (CEO) and cofounders Aravindh Kumar and Abhishek Chaudhary, promises to be the most developer-friendly decentralized storage alternative among existing storage systems like Filecoin and Storj.
“And over 60% of the corporate strategy fundraised will go toward building the community and developing a robust platform that will assist app developers with everything from easily authenticating users who can carry their keys and identities while interacting with apps to easily sharing and managing data access,” Kumar said.
“Arcana’s team has been developing for more than two years and is solving some of the largest use cases and issues in the blockchain world – decentralized storage, privacy, and identity,” Himanshu Yadav, founding partner of Woodstock Fund, said in a statement. Their modular and interoperable infrastructure stack will abstract a lot of complexity for app developers, allowing them to create applications on top of these next-generation Web 3.0 protocols more quickly.”