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Openbazaar raises $5 million.

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OB1,  the company working its way towards introducing a crypto marketplace, Openbazaar,  declared that it has successfully raised $5 million in a funding campaign. As per the information provided by the Startup, Omers Vantures and Bitmain Technologies were the main investors for the funding session.

OB1 introduced the Openbazaar marketplace in 2016. Many additional features have been recently added like the marketplace wallet which allows trading with Bitcoin Cash and zcash.  About $4 million dollars has been invested into the firm and recent reports suggest that another $5 million has been contributed by various sources.

The Chief Executive Officer  of OB1, Brian Hoffman, says that Omer and Bitmain’s partnership will boost the overall business and lead to a profitable outcome.

He announced, “Our goal is to see the Openbazaar protocol and software empower business owners and consumers alike to shift away from the corporate-controlled legacy systems and engage in e-commerce in a free, fair and independent way”.

The marketplace will be made more flexible and the company is planning on making the mobile version available very soon. A decentralized structure will be followed and a peer-to-peer system will operate.

OB1 will also extend it’s facilities by offering it’s users on OpenBazaar, a verified Moderators program. This recent news was followed by another declaration made by the development team that an increase of 25,000 Openbazaar nodes has been made. Besides this,  the company has also stated that the Openbazaar will function on an Ethereum blockchain and it’s goal is to provide smart contracts in the global market.

 

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