Arcana, a blockchain startup, has raised $2.3 million in funding from Republic Crypto, Woodstock, and others

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Arcana Network, a fast-growing blockchain business, announced on Wednesday that it has secured $2.3 million from Republic Crypto and Woodstock Fund in a seed round.

Other investors in the round included Digital Currency Group (DCG), Hyperedge, Sahil Lavingia’s shl.vc, Fenbushi Capital, LD Capital, and Paradigm Shift VC, according to the Bangalore-based firm.

Ganesh Swami, CEO of Covalent, Ajeet Khurana, Buidlers Tribe, Nishal Shetty of WazirX, Ajit Tripathi of Aave, and also Arcana’s initial investors AU21 and Arcanum Capital, all participated in the $2.3 million round.

Arcana Network Finalizes Strategic Round with $2.3 Million from Republic  Crypto, Woodstock Fund, and Others ⋆ ZyCrypto

Apart from community growth, the business aims to expand its team, enhance its product line, and release Arcana’s XAR cryptocurrency with this funding.

Data privacy and security will be first-class citizens in every app’s stack, according to Mayur Relekar, CEO of Arcana. Each product will need to ensure data privacy and ownership, and programmers will require basic tools to do so.

“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,” he added.

Arcana Network, established in 2019 by Mayur Relekar (CEO) and co-creators Aravindh Kumar and Abhishek Chaudhary, aspires to be the most developer-friendly decentralized storage alternative among existing storage systems like IPFS, Filecoin, Storj, Sia… It provides developers with a privacy stack in addition to storage to assist applications in securely managing data while maintaining privacy.

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