The developers behind OpenBazaar, the open-source marketplace protocol powered by bitcoin, have raised $3m in new funding.
The new round was led by BlueYard, a Berlin-based VC fund with a focus on early-stage startups that has strongly indicated its support for decentralized markets in the past. VC giants Andreessen Horowitz and Union Square Ventures also took part.
OpenBazaar is like a decentralized eBay, connecting buyers and sellers directly through an application-based marketplace. But instead of PayPal or credit cards, the market utilizes bitcoin as a medium of exchange.
The project grew out of an earlier iteration, dubbed DarkMarket, which won the Bitcoin Expo hackathon in Toronto in 2014.
According to OB1 CEO Brian Hoffman, the next year should be just as busy.
He said of the new funding:
Hoffman told CoinDesk that the funding will help the startup continue expanding its suite of services, describing it as a kind of “seed 2.0” round.
Bitcoin image via Shutterstock
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