Arweave secures $ 8.3 million in funding, and three giants A16z, USV and Coinbase participate in the investment

Arweave, a blockchain startup focused on permanent storage of Internet content, has raised $ 8.3 million in new funding from Andreessen Horowitz (A16z), Union Square Ventures (USV), and Coinbase Ventures.

Arweave secures $ 8.3 million in funding, and three giants A16z, USV and Coinbase participate in the investment

Image source: Pixabay

Andreessen Horowitz and Union Square Ventures have previously invested in Arweave. These investment companies were designated as full participants in November 2019, when Arwearve raised $ 5 million in funding . Earlier, Arweave also received support from Arrington XRP Capital, Techstars and other institutions.

Arweave was founded in 2017, participated in the Techstars Berlin mentoring program in 2018, and went live in June of that year. According to a press statement, the agreement now stores more than a million pieces of data on its "permaweb" and builds nearly 200 applications on it. Arweave developed a new type of blockchain based on Moore's Law, which reduces the cost of data storage. The upfront fee paid by users for every 100 years of storage space is less than one cent per megabyte, so the accumulated interest will always make up for the declining storage costs.

Arweave founder Sam Williams explained what permaweb means:

"Imagine the Alexandria Library, a huge catalog of human knowledge and experience, which is now immune to fires, floods, and other disasters. This is permaweb."

The company said that the new capital inflow will help the company develop a series of new plans, including efforts to reinvest funds into the Arweave community.

This includes grant programs designed to provide financial assistance to community projects, startups and DAOs. Another program, Arweave Boost, aims to help its development by providing up to $ 50,000 in storage and mentoring resources for related projects.

We will continue to update Blocking; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

Blockchain

New rules for persuading withdrawals or selling shells for revenue? OSL reportedly withdraws from the Hong Kong Web3 "gold rush".

Author: Blocking, Climber On July 5th, Tencent News' "Qianwang" reported that OSL, a compliant virtual asset trading ...

Blockchain

Central Bank Shanghai Headquarters issued a document: increase supervision and prevention, and combat virtual currency transactions

Source: People's Bank of China Shanghai Headquarters official website In recent years, speculations related to v...

Policy

The Shocking Revelation: When Alameda Research Borrowed More Than Just a Cup of Sugar from FTX

Exclusive Leaked Audio from Alameda Research Meeting Exposes Caroline Ellison's Disclosure of Misuse of FTX Deposits ...

Blockchain

Exchange Real Volume Report (on) | TokenInsight

Summary of points: 1. According to the report, 36% of the exchanges (11) have a real trading volume ratio higher than...

Blockchain

A major Brazilian bank announces closure of accounts on cryptocurrency exchanges

As a large commercial bank refuses to comply with the "Prevention of Cryptocurrency Exchange Account Closure&quo...

News

Inventory of Seven Bills that Could Determine the Future of Cryptocurrency in the United States

Author | DL NEWS compilation | Garyma Wu said the original link of the blockchain https//www.dlnews.com/articles/defi...