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Election 2024

Bitcoin-Powered Marketplace OpenBazaar Raises $200k in New Funding

OB1, the startup behind the bitcoin-powered decentralized marketplace OpenBazaar, has raised new funding from investment firm DCG.

By Stan Higgins
AccessTimeIconJun 2, 2017 at 4:30 p.m. UTC
Updated Aug 18, 2021 at 6:15 p.m. UTC
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OB1, the startup behind the bitcoin-powered decentralized marketplace OpenBazaar, has raised $200,000 in new funding from investment firm Digital Currency Group.

OpenBazaar is an open-source marketplace protocol that acts like a kind of decentralized eBay, connecting buyers and sellers who use bitcoin rather than, say, credit cards. The marketplace first went live last April.

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    • The startup said it has raised $4.2m to date following the DCG investment. In December, OB1 announced that it had raised $3m in a funding round led by Berlin-based VC BlueYard. Andreessen Horowitz and Union Square Ventures also backed that round after they took part in an earlier $1m round alongside angel investor William Mougayar.

    With the raise, the startup is continuing to push ahead with plans to launch a new version of OpenBazaar later this year.

    "OpenBazaar has seen steady growth since its launch just over a year ago," Brian Hoffman, OB1's chief executive, said in a statement, adding:

    "The network represents important strides forward in peer-to-peer and blockchain technology and we are honored to have the kind of investment partners who also share our vision for bringing it to life."

    Image via Shutterstock

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