Blockchain startup Arcana raises $2.3 million in funding

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Bangalore:: Blockchain startup Arcana Network raised $2.3 million from leading investors namely Republic Crypto, Woodstock, DCG, Sahil Lavingia and others from the blockchain ecosystem.

Republic Crypto and Woodstock Fund led this strategic investment round with the participation from Digital Currency Group (DCG), Hyperedge, Sahil Lavingia’s, Fenbushi Capital, LD Capital, and Paradigm Shift VC.

Covalent CEO Ganesh Swami, Builders Tribe’s Ajeet Khurana, Wazir X’s Nishal Shetty, Aave’ Ajit Tripathi along with Arcana’s seed investors AU21 and Arcanum Capital also participated in this investment round.

Arcana has successfully raised the $2.3 million fresh funding round In less than a quarter since its seed funding.

Founded in June 2019, the blockchain startup Arcana will utilise the funds to expand its team, strengthen its product portfolio and soon launch Arcana’s XAR token.

The startup also plans to invest in community building as it had recently announced a waitlist for developers. About 100s are in the queue to get their hands on Arcana’s SDK (software development kit). They have closed the first series of project partnerships that will participate in Arcana’s Alpha Testnet launching this October.

Mayur Relekar (CEO) and Co-Founders Aravindh Kumar, and Abhishek Chaudhary started Arcana Networks in 2019. Amongst platforms such as IPFS, Filecoin, Storj, Sia and others, Arcana aims to be the most developer-friendly decentralise storage option that gives developers a privacy stack in addition to storage to help apps securely manage data with complete privacy preservation.

According to Arcana’s CEO Mayur Relekar, data privacy and security will be first-class citizens in every app’s stack. Privacy and ownership of data will be a necessity for every product and developers need easy to use tools to fulfil this.

“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,” added Relekar.

“We have a great partnership with our investors, who continue to believe in our vision for Arcana and how we intend to serve better tools for developers and their users,” commented Aravindh Kumar, Arcana’s Co-Founder.

“Over 60% of the strategic fund raised would be devoted to build the community and develop a robust platform to 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,” added Kumar.

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