Coinbase Ventures invests in Arweave blockchain protocol

Arweave, a startup working on a technology blockchain allowing to perform immutable backups of web, once again raised funds from renowned investors.

In a recent funding round directed by Andreessen Horowitz, a powerful American fund that already supported the young shoot, Arweave collected $ 8.3 million additional, bringing its total funding to $ 22 million, according to data from Crunchbase.

The New York venture capital company Union square ventures also handed the wallet over. The third and last investor is none other than Coinbase Ventures, the fund of the famous broker Bitcoin Californian.

We are delighted to be able to reinvest these funds directly in the community Arweave: from builders to archivers and beyond. To be clear: this money is for you, the Arweave community, ”the firm wrote in a statement.

Arweave develops a storage protocol which allows you to permanently save web pages, tweets and other web applications in a blockchain.

The funding help the company launch several new initiatives, including Arweave Grants, a grant program, and Arweave Boost, a support offer for startups.