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Blockchain startup Arcana raises $2.three million in funding

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Arcana Network, a blockchain startup that gives decentralized storage and indexed privateness platform for Ethereum and EVM app developers, introduced Wednesday that it has raised $2.three million from the main traders withinside the Blockchain ecosystem. The funding approach changed into led thru Republic Crypto and Woodstock Fund, and additionally stated the participation of Digital Currency Group (DCG), Hyperedge, Sahil Lavingia’sshl.VC, Fenbushi Capital, LD Capital, and Paradigm Shift VC.

Spherical additionally stated the participation of Ganesh Swami from Covalent, Ajeet Khurana, Builders Tribe, Nishal Shetty from WazirX, Ajit Tripathi from Aave, in collaboration with seed investors from Arcana AU21 and Arcanum Capital who additionally invested on this ball.

With this fundraiser, Arcana plans to increase its team, improve its product portfolio, and shortly launch Arcana’s XAR token. The corporation additionally plans to make investments cash to construct the network; which with the aid of using then had added a ready listing for developers and noticed that one hundred became a part of the queue to get its SDK. They closed a prime series of task partnerships with plans to participate withinside the release of Alpha Testnet Arcana in October ’21.

“Data privateness and protection may be a hard and fast asset in any utility stack. Privacy and possession of files may be a demand for any product and producers need the internet to enforce equipment to meet this. With an imaginative and present-day platform to be privateness first and predominant for developers, Arcana operates with developers throughout industries from Defi, NFT platforms, social networks, and wallets, to standard 2.0 internet products in Fintech, Healthcare and Enterprise SaaS, to convey privateness and protection to their records,” for Mayur Relekar, leader authorities official, Arcana.

“We have an exquisite partnership with our investors, who keep bearing in mind in our vision for Arcana and the manner we intend to serve better gadgets for developers and their clients. More than 60 in line with cent of the strategic fundraised will be devoted to assembling the community and growth a strong platform for you to help app developers from without issues authenticating clients who can deliver their keys and identity at the identical time as interacting with apps, to without issues sharing and dealing with getting admission to data,” said Aravindh Kumar, cofounder, Arcana.

Founded in 2019, Arcana Network goals to be the most developer pleasant decentralized storage preference many of the contrary storage structures which incorporate IPFS, Filecoin, Storj, Sia… and gives developers a privacy stack similarly to storage to help apps securely control data with whole privacy preservation.

“Arcana’s team has been building for added than 2 years and is tackling some of the maximum crucial use times and troubles withinside the blockchain area decentralized storage, privacy, and identity. Their modular and interoperable infrastructure stack will precis some of the complexities for the app developers thereby helping accelerate the software program development on top of these next technology Web 3.0 protocols,” brought Himanshu Yadav, founding partner, Woodstock.


Written by Kusuma Nara |The Entrepreneurs Diaries is now available on Telegram. Join our telegram channel to get instant updates from TED.

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