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

Indian crypto exchange lifts ban: trading volume soars 6-fold, is it global buy?

Text | Li Zheweng Sources | PANews The Indian exchange Koinex, which failed to survive the cold winter, fell in the h...

Market

Bitcoin stays stable at $30,000, is this a signal of a bull market?

Since 2023, the Bitcoin market has maintained a continuous growth trend, recently rebounding to over $31,000 in the p...

Blockchain

Contract exchange seeks compliance: as low as 1,500 knives for high NFA licenses

Editor's Note: This article has been deleted without changing the author's original intention. The number o...

Blockchain

South Korea officially legalizes cryptocurrency transactions, Bitcoin stands at $ 9,000

The entire session of the National Assembly of South Korea passed an amendment to the "Reporting and Utilization...

Blockchain

IEO’s embarrassment, the era of “receiving wages” may be gone forever.

"Oh… the market is in a downturn. Recently, the standard of living has plummeted." The soldiers sighe...

Blockchain

Swiss exchange SIX announces investment in cryptocurrency trading platform Omniex, exact amount not disclosed

According to a report by Finance Magnates on February 25, SIX Group, an operator of the Swiss Stock Exchange, announc...