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Blockchain startup Arcana Network raises $2.3 Mn round

Arcana Network, a blockchain startup, has raised $2.3 million in a round led by Republic Crypto and Woodstock Fund.

Digital Currency Group (DCG), Hyperedge, Sahil Lavingia’s shl.vc, Fenbushi Capital, LD Capital, and Paradigm Shift VC have also participated in the round.

The new round comes just after three months when it raised a $375K seed round led by Balaji Srinivasan and other investors.

According to Arcana, the fresh capital will be used to expand its squad, strengthen its product portfolio and to launch Arcana’s XAR token.

Founded by Mayur Relekar, Aravindh Kumar and Abhishek Chaudhary in 2019, Arcana offers a decentralised storage and data privacy platform for Ethereum and EVM compatible app developers.

The startup had recently announced a waitlist for developers and claimed hundreds have joined the queue to get their hands on its SDK.

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