Startup Arweave raised more than $ 5 million in the next round of financing

Arweave blockchain startup, which is developing a decentralized online data warehouse, has successfully completed the next round of financing, during which it raised more than $ 5 million.

The largest investor was the Andreessen Horowitz cryptocurrency fund. The venture capital firms Multicoin Capital, Union Square Ventures, 1kx and Techstars also took part in the financing round.

Arweave Permaweb solution allows you to store digital files, mail and other data on the blockchain, and you can access them through a special extension for the browser. In October alone, with the help of Permaweb, 45,000 objects were saved on the blockchain.

“The concept of Permaweb is unfamiliar to most people. This is a completely new market that did not exist before. We don’t think that Arweave will replace the Internet Archive, but we are waiting for the explosive growth of this market – there are many things that need to be stored, but no one has ever thought about it before, ”said Kyle Samani, Managing Partner at Multicoin Capital.

Arweave founder Sam Williams noted that the money raised in the round of financing will go to develop a solution and develop the company, as well as product promotion.

Read This Now: Oil rises more than one percent after G7 'price cap' announcement

Recall that in May of this year, Arweave and Monero announced plans to launch a new proof of work (PoW) algorithm. As part of the collaboration, the startup was engaged in the audit of the new algorithm before its official launch.