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A Decentralized Market OpenBazaar Receives $ 5 Million Series A Financing


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Creating the world's largest decentralized market is a noble goal, but it's what the OpenBazaar team aims to do.

They received a boost to their efforts after OB1, their parent company OpenBazaar just announced that they completed a Series A tower to raise $ 5 million. With cryptocurrencies and blockchain becoming increasingly popular, OpenBazaar has experienced significant growth and this round of financing will help them capitalize more on their success so far.

At present, OpenBazaar is the only e-commerce market that offers sellers and buyers the ability to purchase items securely without approval and without commission.

Their updated platform was launched at the end of 2017 and more than 40,000 people have already joined their network to date. OpenBazaar has further expanded its flexibility in 2018, this time by adding payment capabilities to the market for Zcash and Bitcoin Cash.

This successful round of financing of Series A is a promising statement for this market. The funding round was led by the venture capital department of the OMERS Pension Fund, called OMERS Ventures.

There were a number of other notable investors who participated in this turn, such as Bitmain, Digital Currency Group, BlueYard Capital, Union Square Ventures and Andreessen Horowitz. Jim Orlando, Managing Partner at OMERS Ventures, spoke of his enthusiasm for participating in this venture and indicated that he was eager to see what the future holds for forward-thinking projects on which the OpenBazaar team works.

What are the next steps for OpenBazaar?

Now that they have the fundraising tour out of the way, they can put all their focus on improving their market.

They want to continue to push the limits of the level of control and flexibility of buyers and sellers when they use their market.

Some of their plans for the coming year involve the release of mobile and web versions of this application, in addition to continuing to increase the number of methods that users can use to exchange with each other. This includes the adoption of additional cryptocurrencies on their market. OB1 CEO, Brian Hoffman, spoke of the team's joy of being associated with esteemed investors such as Bitmain and OMERS Ventures, alongside their strong team of ################################################################################ 39, international investors.

They want to help individuals and business owners to move away from the traditional and tightly controlled e-commerce system that has stifled the industry in recent times. Instead, OpenBazaar aims to have an independent, fair and free e-commerce environment. This is certainly an interesting project to follow as it continues to develop and aims to achieve some of their lofty goals. If they continue to see significant growth, you can be sure that people like Amazon will be sitting in their seats and watching closely everything OpenBazaar is doing.

Image from Shutterstock to photo

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