Arcana Closes Strategic Round of $2.3 Million from Leading Investors to Deepen its Penetration into Web 3 Ecosystem

0 2

Blockchain firm Arcana Network has closed its latest round with a staggering $2.3 million funding from leading investors in the blockchain and crypto space. Arcana is a decentralized storage layer for DApps on Ethereum and other EVM compatible chains. The decentralized storage protocol received funding from several investors, some of which led at the strategic round. These include Republic Crypto headed by Kendrick Nguyen as the CEO, and another VC Woodstock Fund. Other investors that participated in the round include Digital Currency Group (DCG), Hyperedge, Sahil Lavingia’s shl.vc, Fenbushi Capital, LD Capital, and Paradigm Shift VC.

Arcana Raises $375k from Republic Crypto, Coinbase Former CTO and Others at Seed Round

During its seed round that was closed in July, Arcana raised up to $375k from several high-profile investors such as former Coinbase CTO Balaji Srinivasan, Sandeep Nailwal and JD Kanani, Founders of Polygon (formerly Matic), and Kendrick Nguyen, Founder & CEO of Republic.

Arcana’s $2.3 million fundraise in the latest (strategic) round also witnessed participation from investors Ganesh Swami, CEO of Covalent, Ajeet Khurana, Builders Tribe, Nishal Shetty of WazirX, and Ajit Tripathi from Aave, along with Arcana’s seed investors Arcanum Capital. With the fresh capital at its disposal, Arcana is aiming for the zenith alongside its solutions-based products such as  Skizzle which allows for transfer of files via emails and blockchain supported by end-to-end encryption.

Arcana Prepares to Launch Native Token and Others

Arcana is also eyeing the launch of a native token, $XAR, that will be a core part of the storage layer. The $2.3 million will go a long way in the launch of the token coupled with other products and events. Arcana is looking at building a community following the keen interest that trailed its waitlist. Many developers joined the waitlist indicating their interest in test-running Arcana’s software development kit (SDK). With its Alpha testnet due for launch this month, Oct 2021, Arcana has onboarded several partners to test its SDK.

Launched in 2019, Arcana aims to be the powerhouse for decentralized storage that developers can easily relate with.

With a host of other storage platforms such as Storj, Filecoin, IFPS available in the market, Arcana is intent on offering more value to developers and their DApps.

Commenting on the firm’s value propositions and their applications to different industries, CEO Mayur Relekar said;

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 a 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.”

Arcana was founded by Mayur Relekar who is currently the CEO. Aravindh Kumar and Abhishek Chaudhary are CEO Relekar’s co-founders. Since its founding stages, Arcana has signed several partnership deals with firms sharing the same vision as itself. Some of them include fan-first sports fantasy platform Rage.fan, DIA, Headstart, India’s largest start-up ecosystem enabler.

Leave A Reply

Your email address will not be published.

bitcoin
Bitcoin (BTC) $ 62,100.00
ethereum
Ethereum (ETH) $ 3,892.17
binance-coin
Binance Coin (BNB) $ 479.71
cardano
Cardano (ADA) $ 2.21
tether
Tether (USDT) $ 1.00
xrp
XRP (XRP) $ 1.15
solana
Solana (SOL) $ 158.76
polkadot
Polkadot (DOT) $ 43.68
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.239003
terra-luna
Terra (LUNA) $ 37.61
uniswap
Uniswap (UNI) $ 26.37
wrapped-bitcoin
Wrapped Bitcoin (WBTC) $ 62,104.00
binance-usd
Binance USD (BUSD) $ 1.01
shiba-inu
Shiba Inu (SHIB) $ 0.000026
litecoin
Litecoin (LTC) $ 189.94
avalanche-2
Avalanche (AVAX) $ 57.20
chainlink
Chainlink (LINK) $ 27.28
bitcoin-cash
Bitcoin Cash (BCH) $ 629.35
algorand
Algorand (ALGO) $ 1.79
matic-network
Polygon (MATIC) $ 1.54
cosmos
Cosmos (ATOM) $ 33.39
stellar
Stellar (XLM) $ 0.385815
vechain
VeChain (VET) $ 0.120095
internet-computer
Internet Computer (ICP) $ 45.59
axie-infinity
Axie Infinity (AXS) $ 127.69
filecoin
Filecoin (FIL) $ 67.90
tron
TRON (TRX) $ 0.100083
ethereum-classic
Ethereum Classic (ETC) $ 54.61
dai
Dai (DAI) $ 1.01
ftx-token
FTX Token (FTT) $ 57.13
theta-token
Theta Network (THETA) $ 6.23
compound-ether
cETH (CETH) $ 78.44
tezos
Tezos (XTZ) $ 6.96
hedera-hashgraph
Hedera (HBAR) $ 0.375469
staked-ether
Lido Staked Ether (STETH) $ 3,853.19
fantom
Fantom (FTM) $ 1.97
crypto-com-chain
Crypto.com Coin (CRO) $ 0.193724
monero
Monero (XMR) $ 269.89
elrond-erd-2
Elrond (EGLD) $ 244.37
pancakeswap-token
PancakeSwap (CAKE) $ 19.88
eos
EOS (EOS) $ 4.65
okb
OKB (OKB) $ 16.74
near
Near (NEAR) $ 8.08
the-graph
The Graph (GRT) $ 0.839033
klay-token
Klaytn (KLAY) $ 1.65
cdai
cDAI (CDAI) $ 0.021684
aave
Aave (AAVE) $ 305.13
ecash
eCash (XEC) $ 0.000210
quant-network
Quant (QNT) $ 295.70
compound-usd-coin
cUSDC (CUSDC) $ 0.022272
iota
IOTA (MIOTA) $ 1.31
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 191.38
bitcoin-sv
Bitcoin SV (BSV) $ 172.73
kusama
Kusama (KSM) $ 354.79
neo
NEO (NEO) $ 45.16
waves
Waves (WAVES) $ 30.35
olympus
Olympus (OHM) $ 1,062.31
terrausd
TerraUSD (UST) $ 1.01
leo-token
LEO Token (LEO) $ 2.89
arweave
Arweave (AR) $ 54.45
amp-token
Amp (AMP) $ 0.052045
huobi-btc
Huobi BTC (HBTC) $ 62,251.00
bittorrent-2
BitTorrent (BTT) $ 0.003678
celsius-degree-token
Celsius Network (CEL) $ 5.72
harmony
Harmony (ONE) $ 0.225359
maker
Maker (MKR) $ 2,596.93
thorchain
THORChain (RUNE) $ 8.21
sushi
Sushi (SUSHI) $ 11.18
helium
Helium (HNT) $ 21.64
blockstack
Stacks (STX) $ 1.99
dash
Dash (DASH) $ 195.07
omisego
OMG Network (OMG) $ 14.23
compound-governance-token
Compound (COMP) $ 323.41
celo
Celo (CELO) $ 6.02
chiliz
Chiliz (CHZ) $ 0.327153
havven
Synthetix Network Token (SNX) $ 9.90
magic-internet-money
Magic Internet Money (MIM) $ 1.01
ecomi
ECOMI (OMI) $ 0.007685
holotoken
Holo (HOT) $ 0.009374
decred
Decred (DCR) $ 121.75
nem
NEM (XEM) $ 0.174543
theta-fuel
Theta Fuel (TFUEL) $ 0.287734
enjincoin
Enjin Coin (ENJ) $ 1.64
zcash
Zcash (ZEC) $ 126.71
icon
ICON (ICX) $ 2.06
xdce-crowd-sale
XDC Network (XDC) $ 0.112554
qtum
Qtum (QTUM) $ 12.86
true-usd
TrueUSD (TUSD) $ 1.01
dydx
dYdX (DYDX) $ 22.90
yearn-finance
yearn.finance (YFI) $ 35,862.00
telcoin
Telcoin (TEL) $ 0.022010
zilliqa
Zilliqa (ZIL) $ 0.099627
bitcoin-gold
Bitcoin Gold (BTG) $ 70.23
huobi-token
Huobi Token (HT) $ 7.60
iostoken
IOST (IOST) $ 0.052612
curve-dao-token
Curve DAO Token (CRV) $ 3.00
flow
Flow (FLOW) $ 17.20
mina-protocol
Mina Protocol (MINA) $ 4.24
spell-token
Spell Token (SPELL) $ 0.017049