Andreessen Horowitz leads $5M round in blockchain-based internet archive

advertisement

Arweave, a blockchain protocol focused on storing internet information permanently, has secured $5 million in venture funding led by Andreessen Horowitz. 

Announced on Tuesday, the seed round was reportedly oversubscribed, with participation from Multicoin Capital, Union Square Ventures, 1kx, and Techstars. The firm's solution, the permaweb, allows internet users to permanently record digital files such as webpages, emails, and social media posts on its blockchain through the Arweave browser extension. 

Founded in 2017 by Ph.D. dropout Sam Williams, Arweave went through Techstars Berlin's mentorship program in 2018 and went live last June. According to a company statement, over 45,000 objects were stored on the permaweb in October alone and over 100 apps have been built on the Arweave mainnet. 

Describing Arweave's mission as "to become the new Library of Alexandria," Williams hopes that storing information on blockchain can help ensure "that humanity’s shared knowledge and history is available to all future generations." 

“The core concept of the Permaweb is foreign to most people because it’s an entirely new market that has never existed before. We don’t expect Arweave to replace the Internet Archive; rather, we expect the market to expand exponentially as there are many verticals beyond internet archiving that want permanent storage but didn’t know it was possible before," said Multicoin Capital managing partner Kyle Samani. 

Williams said that the newly raised capital will help fund the company's developer outreach and adoption efforts. 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Digital asset economy fuels instant settlements innovation

Today the always-on demands of online markets have to be matched with the ability to access opportunities instantly and with no limits. Historically correspondent banks would move large sums of money for those needing to transfer funds while creating bottlenecks of unnecessary friction.
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More