ArDrive currently stores more than 6 million files from around the world, including text, articles, photos, and videos

Blockchain-based data storage app ArDrive raised $17,2 million

28.02.2022 - 14:05

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1 min

What’s new? To raise funds to develop the ArDrive app, the developers held an investment round, which resulted in the company raising $17,2 million. It was led by Arweave Team, Blockchain Capital, and Sino Global Capital.

Decrypt’s material

What is known about ArDrive? The app runs on the Arweave blockchain, which tends to remember and store valuable information, applications, and history indefinitely. It uses a blockweave structure, which is ideal for storing large files. The blockchain platform has its own AR token, which allows network users to earn.

What preceded it? The app became widely known last summer when activists in Hong Kong used it to circumvent strict censorship by the Chinese government. The popular pro-democracy newspaper Apple Daily was forced to close down in accordance with new laws on “national security.” However, the anonymous group dAppleDaily, led by 21-year-old crypto-activist Ho, managed to save 5 600 news items by uploading them to ArDrive.

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