After rebranding itself from DarkMarket to OpenBazaar, a company that allows a viable connection between two parties, supervised with a third-entity – an arbiter who/which issues the buyer’s fund in Bitcoin to seller upon the completion of the transaction, it has now received one million dollars in seed funding.
OpenBazaar aims to provide free trade for everyone, everywhere. In fact, the decentralized marketplace announced yesterday that the secured a $1 million round of seed funding will be used to further expand the vision and implement it on the ground. Though raising $1 million may not seem like big news, it definitely is a right step towards the right direction.
Interestingly, the company believes that as it is offering a new way to trade online where the network isn’t controlled or regulated in any way, meaning it requires no fees and remains free of censorship, Bitcoin supporters should come up to encourage it. It works using BitTorrent file-sharing software and Bitcoin, is attracting a great deal of attention.
Lead developer Brian Hoffman admitted that the Internet has decentralized communications, and Bitcoin has decentralized money; however, online commerce still relies on numerous intermediaries. He also admitted that his company removes the intermediaries and gives everyone from individuals to large companies the ability to directly engage in trade with anyone in the world, for free.
Funds to be used To Finish up the Development of the Platform
Like most of the startups who want to expand, OpenBazaar too has similar plans as according to the firm it is going to use the collected funds for the expansion. It says that the funding will enable several full-time resources to finish up the development of the platform, which is currently in its fifth beta release.
OpenBazaar also announced the participation of Union Square Ventures, Andreessen Horowitz and angel investor William Mougayar in the round. The firm says that with their history of helping build networks with large user bases and their focus on new decentralized technologies such as Bitcoin, Union Square Ventures and Andreessen Horowitz are the perfect partners to help OpenBazaar become widely adopted.
The company promises that it will always be open source and MIT licensed and as a global software community, it has intentionally created OpenBazaar so that there are no fees required to use the network, and there is no central authority controlling trade, taking a cut, or monitoring data.
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