Bangalore based Blockchain startup Arcana Network on Wednesday announced that it has raised $2.3 million from a group of investors.
The round was led by Republic Crypto and Woodstock Fund.
Other investors who participated in the round were Digital Currency Group (DCG), Hyperedge, Sahil Lavingia’s shl.vc, Fenbushi Capital, LD Capital, Arcanum Capital, and Paradigm Shift VC
Many angel investors were also part of this round including Ganesh Swami, CEO of Covalent; Ajeet Khurana, Builders Tribe; Nischal Shetty of WazirX; Ajit Tripathi from Aave, and Mohit Madan.
Arcana co-founder Mayur Relekar told Coin Crunch India, “We are going to use the funds for improving both our technical infrastructure and community. For this, we will be hiring developers and marketers.”
The startup is looking to use the funds by launching its XAR token and deploy its sovereign chain. By the end of October, the Alpha version will be on the testnet.
“We want to enable developers to create more secure and privacy-preserving apps. I believe such digital products will be beneficial to the end-users”, Relekar explained Arcana’s long term vision.
That’s why it provides developers with decentralised storage, identity, access management, and KMS to help them build secure and privacy‑preserving apps.
This round was closed in less than a quarter since it closed a seed funding round for $375,000.
Arcana has been strengthening its footing by providing infrastructure to domestic startups. Recently it partnered with Rage.Fan, a decentralized fan-first sports fantasy platform.
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