Arcana Network raises seed funding from former Coinbase’s Balaji Srinivasan and other angels

Bangalore-based 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 USD 375,000 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, Kenetic Capital, AU21, John Lilic, Siddharth Menon – Founder of WazirX, Tamar Menteshashvili from Solana, Aniket Jindal – Co-Founder of Biconomy and Arcanum Capital.

The latest round, which was over-subscribed by 3x, is in lieu of Arcana’s soon-to-be-launched XAR tokens. The funding will help Arcana accelerate its product development, acquire talent and create a vibrant developer community. Arcana Network, which was founded by Mayur Relekar (CEO) and Co-Founders Aravindh Kumar and Abhisek Chaudhary in 2019, 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, 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-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, Co-Founder of Polygon, 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.”

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Aravindh Kumar, Co-Founded, said 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.”

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. The firm’s privacy stack offers decentralized services for identity and access management, end-to-end encryption, non-custodial key management and data storage.