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Thursday, August 5, 2021

[Funding alert] Blockchain startup Arcana raises $375K from Coinbase’s Balaji Srinivasan and others

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Bengaluru-based Arcana Community, the storage layer of Ethereum, with a privateness stack for DApp builders on EVM appropriate chains, has raised a seed spherical from buyers Balaji Srinivasan, former CTO of Coinbase, Sandeep Nailwal and JD Kanani, Founders of Polygon (previously Matic), Kendrick Nguyen, Founder and CEO of Republic and different high angels within the crypto ecosystem.


The $375,000 seed fundraise additionally noticed participation from strategic buyers and a few of the largest innovators within the blockchain trade akin to Santiago Santos, Normal Accomplice at ParaFi Capital, Kenetic Capital, AU21, and John Lilic; Siddharth Menon, Founding father of WazirX; Tamar Menteshashvili from Solana; Aniket Jindal, Co-founder of Biconomy and Arcanum Capital.

The most recent spherical, which was oversubscribed by 3x, is in lieu of Arcana’s soon-to-be-launched XAR tokens. The funding will assist Arcana speed up its product growth, purchase expertise and create a vibrant developer neighborhood.

Arcana Founding Group

Based by Mayur Relekar (CEO), and Co-founders Aravindh Kumar and Abhishek Chaudhary in 2019, Arcana Community goals to be the developer-friendly decentralised storage choice amongst different storage platforms akin to IPFS, Filecoin, Storj, Sia, and many others., and provides builders the potential to construct safer and privacy-preserving functions from the bottom up.

Mayur Relekar, CEO of Arcana, believes: “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. Arcana is built to be privacy-first and developer-friendly.”

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Arcana is working with builders throughout sectors from DeFi, NFT platforms, Social Networks, and Wallets, to conventional internet 2.0 merchandise in fintech, healthcare, and enterprise SaaS, to carry privateness and safety to their knowledge.

Sandeep Nailwal, the Co-founder of Polygon (previously Matic), stated, 

“Arcana’s biggest differentiation is that it is a whole suite of privacy and data management tools that are super easy to set up. Developers can look to delegate their app’s storage and access control to Arcana and focus on their core value proposition.”

Via Arcana’s SDK, builders and companies can defend the personal, confidential, and delicate info of their clients, workers, and enterprise simply. The agency’s privateness stack affords decentralised providers for identification and entry administration, end-to-end encryption, non-custodial key administration, and knowledge storage.

Aravindh Kumar, Co-founder added, “Large parts of the internet will be decentralised and every user will carry their own keys and identity while interacting with apps. With our implementation of the decentralised identifiers (DIDs) specification, we make it easy, whether it is to login, share data, protect private information, or even trade/exchange data between apps and organisations.”

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