Arcana Network secures $375K, aims to support developer community

Arcana Network secures $375K, aims to support developer community

Arcana Network, a Bengaluru-based blockchain startup, has reportedly secured a seed fund worth $375,000 from Balaji Srinivasan, former CTO of Coinbase, Sandeep Nailwal and JD Kanani, Founders of Polygon, and Kendrick Nguyen, Founder and CEO of Republic, among other top leaders in the crypto ecosystem.

The round also included strategic investors and some of the top innovators in the blockchain industry, like AU21, Kenetic Capital, Siddharth Menon- Co-Founder of WazirX, Aniket Jindal - Co-founder of Biconomy, Santiago Santos - General Partner at ParaFi Capital, and Tamar Menteshashvili from Solana.

Arcana Network, which was established by Mayur Relekar (CEO), & Abhishek Chaudhary and Aravindh Kumar (Co-founders) in 2019, intends to become a decentralized storage option that is developer-friendly and stands out among other storage platforms such as Sia, IPFS, Storj, Filecoin, and others, by allowing developers to build more secure and privacy-preserving applications from the ground up.

Sources claim that the latest round has been exceeded by threefold owing to Arcana's soon-to-be-launched XAR tokens. Arcana will use the funds to ramp up product development, hire top talent, and build a thriving developer community.

Commenting on the funding, Mayur Relekar states that every app's platform keeps data confidentiality and security as its top priority. Data security and ownership are a key requirement and every developer and product needs simple to use tools to meet this need. Arcana is intended to prioritize privacy while being developer-friendly.

Arcana is collaborating with developers in various industries to bring privacy and security to their data, including NFT platforms, DeFi, Social Networks, Wallets, and standard web 2.0 solutions in fintech, healthcare, and business SaaS.

Developers and organizations can effortlessly protect their customers', employees', and company's private, confidential, and sensitive information using Arcana's SDK. The company's privacy stack provides decentralized identity and access management, non-custodial key management, end-to-end encryption, and data storage.

Source Credit - https://yourstory.com/2021/07/funding-alert-blockchain-startup-arcana-coinbase-balaji-srinivasan/amp