Blockchain start-up Arweave raises $8.3M to push growth from Coinbase Ventures, Andreessen Horowitz and Union Square Ventures

Arweave, a Blockchain-based storage protocol, today announced it had raised an additional $ 8.3 million in funding from Andreessen Horowitz, Union Square Ventures, and Coinbase Ventures. These funds will be used to continue the Arweave community ecosystem initiatives.

Blockchain-based data storage protocol Arweave raises $8.3M to push growth

The Arweave protocol is a new blockchain-like data structure called the blockweave. The protocol is designed to provide scalable and permanent on-chain data storage sustainably. Founded in 2017, Arweave underwent Techstars Berlin’s mentoring program in 2018 and was released in June of that year.

Both Andreessen Horowitz and Union Square ventured to invest in Arweave. The investment companies are all participants in November 2019, when the start-up-up raised $ 5 million.

The new capital inflow will help the company build a series of new initiatives, including re-invest into the Arweave community.

The Arweave team said:

“We are excited to announce that we have raised $ 8.3 million in additional funding from Andreessen Horowitz and USV, and new financing for Coinbase Ventures. We are thrilled to be reinvest-invest these funds directly into Arweave’s community: from builders to archivers and beyond. To be clear: This money is for you, the Arweave community. The founding team now sees it as our primary role to dispense these funds carefully to the community, to foster growth, usage, and decentralization of the network. such, we will be launching a series of significant initiatives to drive this mission.”

One of the projects is a grant program that provides financial support for the community, start-up, and DAO projects. Another initiative, called Arweave Boost, aims to help projects drive their growth by providing them with up to $ 50,000 in storage as well as advisory resources.

Will Coinbase support help the crypto market increase from 50 million to 5 billion users?

Brian Armstrong, CEO, and co-founder of Coinbase, think there are many similarities between the Internet and the cryptocurrency market.

The Internet and cryptocurrency indeed have many similarities and common elements. However, the similarities make it even more enjoyable. Although the Internet naturally comes to most, that was not the case a few decades ago. It’s technical, there’s too much clutter, and there’s a dial-up modem, scalability issues, and so on.

However, the need for further improvement and more features pushed the boundaries of the Internet.

Armstrong said:

“They figured they’d try making a shopping cart (see if they could build a first-party app). There was no way to save the state or create a session (for instance, to make a shopping cart), so they created the concept. of cookies.”

He went on to say that the most significant areas to develop in the cryptocurrency industry include – scalability, privacy, and decentralization. Bitcoin and Ethereum both have full decentralization and security; however, they lack scalability. Ethereum plans to achieve this by switching to the PoS and Bitcoin consensus algorithm by implementing second layer solutions like the Lightning Network. However, the Lightning Network has been in operation for quite a long time, and it has not entirely succeeded in achieving its goals.

Brian Armstrong concluded:

Read more:

Follow us on Telegram

Follow us on Twitter

Follow us on Facebook

You might also like
Comments

LATEST NEWS

LASTEST NEWS