News Update

Arcana Networks closes a strategic round of $ 2.3 million, to build decentralised storage & data privacy platform for Ethereum DApps

• ByStartupStory     |    October 15, 2021

Arcana Network, a blockchain startup that offers decentralized storage and data privacy, received $2.3 million in funding from investors in its latest investment round. The latest funding follows $375,000 the company raised in a fundraising round in July 2021. The Arcana network was funded by multiple investors as part of a strategic round. Some of the investors include Republic Crypto and Woodstock Fund, Digital Currency Group (DCG), Hyperedge, Sahil Lavinga’s shl.vc, Fenbushi Capital, LD Capital. and Paradigm shifts VC. 

Arcana Network is a storage and privacy stack for decentralized applications powered by Ethereum. This also applies to compatible Ethereum virtual machine (EVM) chains. By creating authentication, end-to-end encryption, key management and access control services, Arcana Network provides decentralized storage for existing storage platforms such as Storj, Filecoin, Sia and Interplanetary File System (IPFS) to the game.

Using the latest funds, Arcana plans to launch its own $XAR token in early 2022, which will play a new role in fueling the growth of the protocol ecosystem. Arcana also plans to build a community for which it recently announced a developer waiting list. In no time, more than 300 developers joined the waiting list to test the software development kit (SDK). Arcana will launch its Alpha Testnet in October 2021. 

The decentralized storage protocol was founded in 2019 by Mayur Relekar and two other co-founders Aravind Kumar and Abhishek Chaudhary. Arcana strives to be the most developer-friendly storage protocol. It also gives developers access to the privacy stack and to storage to help decentralized applications securely manage data while maintaining privacy. 

A privacy-focused, developer-friendly Arcana network will help “developers in various industries, from DeFi, NFT, social media and wallet platforms to traditional Web 2.0 products in Fintech, Healthcare and Enterprise SaaS” to ensure confidentiality and security. to their data. 

Arcana Network has other uses besides the security and privacy of Ethereum-based DApps. The storage protocol can be deployed on Oracle, social networks, file-sharing platforms, software-as-a-service (SaaS) companies, and games. The interoperability of the Arcana blockchain allows data to flow freely across different networks while retaining ownership and permissions.

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