Blockchain startup Arcana Network has raised Rs 17 crore in a funding round led by Republic Crypto and Woodstock Fund. The round also saw participation from multiple investors including Nishal Shetty of WazirX, Digital Currency Group (DCG), Hyperedge, Sahil Lavingia’s Fenbushi Capital, LD Capital, Paradigm Shift VC, Covalent CEO Ganesh Swami etc.
“The company has raised this round in less than a quarter since their seed funding. With this fundraise, Arcana expects to expand its squad, strengthen its product portfolio and soon launch Arcana’s XAR token. The company also plans to invest in community building,” it said in a statement. The company plans to use more than 60 per cent of the strategic fund to build the community and develop a robust platform that will help app developers in easily authenticating users.
“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,” Arcana CEO Mayur Relekar said.