Bitcoin-Powered Marketplace OpenBazaar Raises $200k in New Funding

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OB1, the startup behind the bitcoin-powered decentralized market OpenBazaar, has raised $200,000 in new funding from funding agency Digital Currency Group.

OpenBazaar is an open-source market protocol that acts like a kind of decentralized eBay, connecting consumers and sellers who use bitcoin fairly than, say, bank cards. The market first went live final April.

The startup mentioned it has raised $four.2m to this point following the DCG funding. In December, OB1 announced that it had raised $3m in a funding spherical led by Berlin-based VC BlueYard. Andreessen Horowitz and Union Square Ventures additionally backed that spherical after they took half in an earlier $1m spherical alongside angel investor William Mougayar.

With the increase, the startup is constant to push forward with plans to launch a new version of OpenBazaar later this yr.

“OpenBazaar has seen steady growth since its launch just over a year ago,” Brian Hoffman, OB1’s chief government, mentioned in a press release, including:

“The network represents important strides forward in peer-to-peer and blockchain technology and we are honored to have the kind of investment partners who also share our vision for bringing it to life.”

Image through Shutterstock

Disclosure: CoinDesk is a subsidiary of Digital Currency Group.

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