BRITISH VIRGIN ISLANDS / ACCESSWIRE / July 12, 2021 / Blockchain Infrastructure player Arcana Network concludes seed round funding of 375,000 USD with participation from blockchain innovators and leading investors.
Arcana Network, The Storage Layer of Ethereum, with a privacy stack for DApp developers on EVM compatible chains, has raised a seed round from investors Balaji Srinivasan, former CTO of Coinbase, Sandeep Nailwal and JD Kanani, Founders of Polygon (formerly Matic), Kendrick Nguyen, Founder & CEO of Republic and other top angels in the crypto ecosystem.
The 375,000 USD seed fundraise also saw participation from strategic investors and some of the biggest innovators in the blockchain industry, such as Santiago Santos - General Partner at ParaFi Capital, Kenetic Capital, AU21, John Lilic, Siddharth Menon - Founder of WazirX, Tamar Menteshashvili from Solana, Aniket Jindal - Cofounder of Biconomy, and Arcanum Capital.
The latest round, which was oversubscribed by 3x, is in lieu of Arcana's soon-to-be-launched XAR tokens.
Founded by Mayur Relekar (CEO), and Co-founders Aravindh Kumar, and Abhishek Chaudhary in 2019, Arcana Network aims to be the most developer friendly decentralized storage option amongst the other storage platforms such as IPFS, Filecoin, Storj, Sia… and gives developers the capability to build more secure and privacy preserving applications from the ground up. Mayur Relekar, CEO of Arcana believes
"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. Arcana is built to be privacy-first and developer friendly."
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.
Sandeep Nailwal, the Co-founder of Polygon (formerly Matic), speaking of the funding said,
"Arcana's biggest differentiation is that it is a whole suite of privacy and data management tools that are super easy to set up. Developers can look to delegate their app's storage and access control to Arcana and focus on their core value proposition."
Arcana goes beyond storage and is pioneering a privacy stack for developers to build Privacy Preserving Apps. Through Arcana's SDK, Developers and businesses can protect the private, confidential, and sensitive information of their customers, employees, and business easily.
Arcana's Privacy Stack offers Decentralized Services for Identity and Access management, End-to-End Encryption, Non-Custodial Key Management, and Data Storage.
Aravindh Kumar, Co-founder added, "Large parts of the internet will be decentralized and every user will carry their own keys and identity while interacting with apps. With our implementation of the Decentralized Identifiers (DIDs) specification, we make it easy, whether it is to login, share data, protect private information, or even trade/exchange data between apps and organizations."
Privacy spend is on the rise:
There is a growing loss of trust amongst users in services over the security and privacy of their data. 84% of customers are more loyal to companies with strong privacy and security controls. Data loss and breaches are on the rise, costing millions across industries.
The average spend on privacy by businesses is currently 1.2M$ and growing every year. This growth is sparked by these businesses and digital products seeing real world RoI that results from users being more loyal to and approving of brands that align with their privacy needs.
SOURCE: Arcana Network