Blockchain platform Arcana Network has announced that it has secured $2.3 million in funding round co-led by Woodstock Fund and Republic Crypto. The round also saw participation from LD Capital, Digital Currency Group (DCG), shl.vc, Hyperedge, Fenbushi Capital, Paradigm Shift VC and others.
Himanshu Yadav, Woodstock’s Founding Partner, said, “Arcana’s team has been building for more than two years and is tackling some of the biggest use cases and problems in the blockchain space — decentralized storage, privacy, and identity. Their modular and interoperable infrastructure stack will abstract a lot of complexities for the dapp developers thereby helping accelerate the application development on top of these next-generation Web 3.0 protocols.”
Mayur Relekar, CEO – Arcana, added, “Data privacy and security will be first-class citizens in every app’s stack. Privacy and ownership of data will be a necessity for every product and developers need easy to use tools to fulfil this. With a vision to be 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.”
Aravindh Kumar, Co-founder of Arcana, said, “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 percent of the strategic fund raised would be devoted to build the community and develop a robust platform that will help app developers from easily authenticating users who can carry their keys and identity while interacting with apps, to easily sharing and managing access to data.”
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