With efforts geared at launching a native token for its protocol, Arcana Network has announced the successful closure of its strategic round. According to its announcement, it was able to raise $2.3 million after witnessing the participation of several leading investors. Arcana’s latest round is just as successful as its seed round during which it raised $375k from investors like ex-CTO at Coinbase, Balaji Srinivasan, Sandeep Nailwal and JD Kanani, Founders of Polygon (formerly Matic), and Kendrick Nguyen, Founder & CEO of Republic.
The round was led by Republic Crypto and Woodstock Fund with participation from Digital Currency Group (DCG), Fenbushi Capital, SHL.vc (Sahil Lavingia), LD Capital, Paradigm Shift VC, and Hyperedge.
Other investors that joined Arcana’s latest round include Ganesh Swami, CEO of Covalent, Ajeet Khurana, Builders Tribe, Nishal Shetty of WazirX, and Ajit Tripathi from Aave, along with Arcana’s seed investors AU21 and Arcanum Capital. The $2.3 million fundraise will serve as a building block for the protocol to launch its token and a host of other projects already in the works, Arcana announced after the round’s completion.
Arcana Network’s Skizzle Promotes Secure and Private File-sharing
Arcana already has a product in the market named Skizzle. Skizzle was launched in 2019 and is considered the most secure way to share files. The app helps users to share their files with end-to-end encryption using cryptography and blockchain technology. Users also get to control who has access to their files through key generation and management.
Skizzle acted as a Proof of Concept to validate and showcase the platform’s capabilities with a mainstream use case.
Acknowledging Arcana Network’s latest strategic round, Co-founder Aravindh Kumar said:
Here’s Why Shiba Inu ($SHIB) Doesn’t Need a Robinhood Listing Any Longer
“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% of the strategic fund raised would be devoted to building the community and developing a robust platform that will help app developers easily authenticate users who carry their keys and establish identity when interacting with apps, while also providing easy sharing and access management of data.”
Arcana Onboards HeadStart Network as Partner to Support Developers and Startups
Back in July, Arcana onboarded the largest startup ecosystem in India, Headstart Network Foundation, to help more developers, founders, and startups get access to resources that will accelerate the adoption of blockchain technology.
Its most recent partnership is with Rage.Fan, a fan-first sports fantasy platform. Rage.Fan is looking to shift its focus from the IPFS storage protocol to Arcana’s decentralized storage for enhanced privacy, security, and transparency. The partnership also involves creating private NFTs that can only be viewed by their owners and providing authentication/login for Rage.Fan’s users.
Arcana Network has also partnered with several projects for which it is providing its privacy stack. In its partnership with DIA (Decentralized Information Asset), an open-source and financial information platform that sources and validates data and oracle, Arcana will provide its privacy stack to DIA and its developer community. Arcana, in return, will benefit from DIA’s tools to operationalize its treasury management.
Arcana Network is a decentralized storage layer for Ethereum-based decentralized applications. Its storage protocol also supports DApps on EVM-compatible chains. Arcana Network is offering developers a privacy stack with a wide range of benefits such as user login/authentication, access control, key management, and encrypted storage. Developers have tools tailored to their needs on the platform to help them build privacy-preserving apps with optimum user experience.