Union Square Ventures Leads $4M Funding Round for Blockchain Startup Blockstack

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New York-based Blockchain company Blockstack, has announced that it has raised $4 million in a new funding round led by Union Square Ventures, with participation by Lux Capital, Naval Ravikant, Digital Currency Group, Compound, Version One, Kal Vepuri and Rising Tide.

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“This is a huge vote of confidence for the new decentralized internet. These investors share our vision and we’re proud to be able to partner with them,” stated Blockstack in a blog report.

The Blockstack community is working towards the release of a new browser and app development platform that will allow anyone to use the new decentralized internet and the apps that are built on it and the new funding round will allow them to expand the team and contribute more development resources to the Blockstack open source project.

“We believe the dream of building a truly decentralized internet is now within reach. We’re grateful for the support and enthusiasm of the Blockstack community and are looking forward to building upon the existing momentum. If you share our vision of fixing the internet, come join our community and consider joining our team full time.” they added.

Blockstack is a new internet for decentralized, server-less applications. Building on Blockstack starts with single-page applications built in Javascript that are downloaded onto user devices. Developers plug into blockstack.js, which provides API’s for authenticating the user, grabbing application data from the user, and storing new application data with the user (encrypted and backed up to cloud storage). The blockchain is utilized to maintain a cross-application identity system, securely mapping user IDs to usernames, public keys, and data storage URIs. Developers don’t have to worry about running servers, maintaining databases, or building out user management systems, and decentralized, server-less applications can be built more simply than their traditional counterparts.

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About Richard Kastelein

Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.

Kastelein has an Ad Honorem - Honorary Ph.D. and is Chair Professor of Blockchain at China's first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford's Saïd Business School for Business Automation 4.0 programme.  Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission's SME Instrument programme as a startup assessor and as a startup judge for the UK government's Innovate UK division.

Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.

He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He's written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein's professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he's travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, 'The Hitchhiker's Guide to the Seas' travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he's raising three teenage daughters with his wife and sailing partner, Wieke Beenen.

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