Blockchain Arcana Network raised $2.3 million led by Republic Crypto and Woodstock Fund, and saw participation from Digital Currency Group (DCG), Hyperedge, Sahil Lavingia's shl.vc, Fenbushi Capital, LD Capital, and Paradigm Shift VC, It also saw participation from Ganesh Swami, CEO of Covalent; Ajeet Khurana, Builders Tribe; Nishal Shetty of WazirX; Ajit Tripathi from Aave, along with Arcana’s seed investors AU21 and Arcanum Capital.
Himanshu Yadav, Founding Partner from Woodstock, stated,
“Arcana's team has been building for more than two years and is tackling some of the biggest use cases and problems in the blockchain space — decentralized storage, privacy, and identity. Their 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.”
With this fundraise, Arcana expects to expand its squad, strengthen its product portfolio and soon launch Arcana's XAR token. The startup also plans to invest in community building. It had recently announced a waitlist for developers and claimed hundreds have joined the queue to get their hands on its SDK.
The startup aims to be the most developer-friendly decentralised 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.