Decentralise marketplace, OpenBazaar that allows sellers and buyers to transact in a secure, trustless and commission free manner has announced the completion of its series A funding, in which it raised $5 million through its parent OB1. This funding round was led by the VC department of the OMERS pension fund, called OMERS Ventures. Other notable investors involved in this round were Bitmain, Digital Currency Group, BlueYard Capital, Union Square Ventures and Andreessen Horowitz.
OpenBazaar is witnessing a significant growth in recent times and the latest round of funding will help them to further capitalize on their growth.The updated platform was launched sometime at the end of 2017, which attracted more than 40,000 users till date and has added payment flexibility by adding cryptocurrencies like Zcash and Bitcoin Cash.
The company will utilize the funds for improving the marketplace experience and will continue to push the level of control and flexibility to buyer and sellers. In the coming year, OpenBazaar will come out with its own mobile and web versions of its app and will continue to increase the number of methods that users can utilize for trading with one another including adding more cryptocurrencies.
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