Bitcoin-Based P2p Marketplace Openbazaar Gets $3 1000000 From Blueyard Capital, Matrimony Foursquare Ventures & Andreessen Horowitz



OB1, the companionship behind the Bitcoin-powered digital marketplace OpenBazaar, announced today the completion of a $3,000,000 funding circular that saw participation from Union Square Ventures (USV), Andreessen Horowitz in addition to BlueYard Capital.

This novel circular of funding brings the full invested inward OB1 to $4 million. In Apr of 2015, $1 1 G one thousand was injected into OB1 from USV, Horowitz in addition to angel investor William Mougayar, to larn OpenBazaar upward in addition to running.

OpenBazaar essentially allows eBay-style online commerce without the involve for a corporate intermediary.

The press release states:
“By removing the intermediaries for commerce online, OpenBazaar enables its users to avoid paying fees or having their merchandise controlled yesteryear middlemen. OpenBazaar has been used yesteryear tens of thousands of people internationally since its launch inward Apr of this year.”
The projection is open-source in addition to the novel funding volition live on used yesteryear OB1 to expand the functionality of platform in addition to to gyre out the novel OpenBazaar 2.0, which volition exercise the InterPlanetary File System (IPFS) for storing in addition to maintaining listings.

OpenBazaar’s success over the yesteryear twelvemonth was sufficient to prompt farther investment from USV, “The arrive at in addition to multifariousness of OpenBazaar usage shows the potential for decentralized applications: inside a calendar week of its release, buyers in addition to sellers from 129 countries joined the network in addition to began transacting amongst each other for free,” explained Brad Burnham, managing partner at USV.

The Berlin-based BlueYard Capital is too a theatre supporter of the decentralization drive in addition to backed OB1 to help convey the OpenBazaar platform into the mainstream, “If OB1 tin railroad train OpenBazaar into a marketplace that is suitable for mainstream adoption in addition to supply a substantially ameliorate trouble organization proffer to merchants in addition to buyers, it could drib dead a superior merchandise platform for large global markets,” states BlueYard Capital.

While the recently-formed, $120-million BlueYard Capital fund has solely only started to dorsum bitcoin startups, USV & Andreessen Horowitz conduct hold been pouring millions into the digital currency infinite over the final 2 years. More recently, Union Square Ventures in addition to Andreessen Horowitz placed $10 1 G one thousand into cryptocurrency-focused hedge fund Polychain Capital.

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