Arcana Network has announced the successful completion of its strategic round, which is aimed at launching a native token for its protocol. According to the company’s announcement, it was able to raise $2.3 million thanks to the participation of several prominent investors. Arcana’s latest round is just as successful as its seed round, which raised $375k from investors such as ex-CTO of Coinbase, Balaji Srinivasan, Sandeep Nailwal, and JD Kanani, Founders of Polygon (formerly Matic), and Kendrick Nguyen, Founder and CEO of Republic.
Republic Crypto and Woodstock Fund led the round, with Digital Currency Group (DCG), Fenbushi Capital, SHL.vc (Sahil Lavingia), LD Capital, Paradigm Shift VC, and Hyperedge also participating.
Other investors in Arcana’s latest round include Covalent CEO Ganesh Swami, Builders Tribe’s Ajeet Khurana, WazirX’s Nishal Shetty, and Ajit Tripathi from Aave, as well as Arcana’s seed investors AU21 and Arcanum Capital. The $2.3 million fundraise will serve as a foundation for the protocol’s token launch and a slew of other projects already in the works, Arcana announced following the round’s conclusion.
Skizzle, a product of Arcana Network, promotes secure and private file-sharing.
Arcana already has a product called Skizzle on the market. Skizzle, which was launched in 2019, is regarded as the most secure way to share files. The app allows users to share files securely with end-to-end encryption via cryptography and blockchain technology. Users can also control who has access to their files by generating and managing keys.
Skizzle served as a Proof of Concept to validate and demonstrate the platform’s capabilities through a common use case.
Aravindh Kumar, Co-founder of Arcana Network, stated in response to the company’s latest strategic round:
“We have a fantastic partnership with our investors, who continue to believe in our vision for Arcana and how we plan to provide better tools for developers and their users.” More than 60% of the strategic fund would be used to build the community and create a robust platform that will allow app developers to easily authenticate users who carry their keys and establish identity when interacting with apps, while also allowing for easy data sharing and access management.”
Arcana welcomes HeadStart Network as a new partner to help developers and startups.
Arcana joined the Headstart Network Foundation, India’s largest startup ecosystem, in July to help more developers, founders, and startups gain access to resources that will accelerate the adoption of blockchain technology.
Rage.Fan, a fan-first sports fantasy platform, is its most recent collaboration. Rage.Fan intends to shift its focus away from the IPFS storage protocol and toward Arcana’s decentralized storage in order to improve privacy, security, and transparency. The collaboration also includes the creation of private NFTs that can only be viewed by their owners and the provision of authentication/login for Rage.Fan users.
Arcana Network has also collaborated with a number of projects for which it provides its privacy stack. Arcana will provide its privacy stack to DIA and its developer community as part of its partnership with DIA (Decentralized Information Asset), an open-source and financial information platform that sources and validates data and Oracle. In exchange, Arcana will use DIA’s tools to operationalize its treasury management.
Arcana Network is a decentralized storage layer for decentralized Ethereum applications. Its storage protocol also allows DApps to run on EVM-compliant chains. Arcana Network provides developers with a privacy stack that includes features such as user login/authentication, access control, key management, and encrypted storage. On the platform, developers can access tools tailored to their needs to help them create privacy-preserving apps with the best user experience.