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Arcana raises $2.3M in new round

arcana network funding

Arcana Network, a blockchain startup, announced that it has raised $2.3 million from leading investors in the blockchain ecosystem.

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

The latest round comes in less than a quarter since the Bengaluru-based startup’s seed funding.

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 also participated in the round.

Commenting on the investment, 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 the latest funding, Arcana is looking to expand its squad, strengthen its product portfolio and launch Arcana’s XAR token soon. The startup is also planning to make investments 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.

Speaking about the funding, Mayur Relekar, CEO of Arcana 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 fulfill 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.”

Established by Mayur Relekar (CEO) and Co-founders Aravindh Kumar and Abhishek Chaudhary in 2019, Arcana Network provides decentralized storage and data privacy platform for Ethereum and EVM compatible app developers.

The startup strives to be the most developer-friendly decentralized storage option amongst the other storage platforms like IPFS, Filecoin, Storj, Sia…and provides developers a privacy stack in addition to storage to help apps securely manage data with complete privacy preservation.

Aravindh Kumar, Co-founder of Arcana, added, “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. More than 60 percent of the strategic fund raised would be devoted to build the community and develop a robust platform that will 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.”

Arcana Network seems to have positioned itself well in the market with its unique solutions. I can see the company reaching new pinnacles of success in the time to come. My best wishes to the team of Arcana Network.

Shishir Gupta, Founder and CEO, StartupLanes

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