Omer Ventures and Bitmain Lead Round of A $ 5 Million Series Funding for OB1
Openbazaar is an open source project that builds a platform to facilitate embedded cryptocurrency e-commerce transactions. OB1 has launched the Openbazaar platform with its first release back in April 2016. Since then, the protocol has added many additions such as market wallets, Tor integration, and purchases with cash and zcash bitcoin. Over the past few years, venture capital funds worth $ 4 million have been injected into the project. Now, this week OB1 revealed it has raised $ 5 million from previous investors such as Andreessen Horowitz, Union Square Ventures, and Digital Currency Group. Moreover, this series of funds is led by Omers Ventures and mining giant Bitmain Technologies.
OB1 CEO Brian Hoffman said the team is pleased to partner with Omers and Bitmain and hopes the two big companies will help improve the "future of free trade on the Internet worldwide." Hoffman explained in the announcement:
Our goal is to see the Openbazaar protocol and software empower business owners as well as consumers to switch from legacy systems held firm and engage in e-commerce in a free, fair and independent way.
Trade Expansion and Openbazaar Mobile Platform
The company said it plans to continue expanding the Openbazaar to give users more flexibility in purchasing and selling items in a decentralized way. This year the OB1 developer team plans to release the mobile version of Openbazaar and offer a new way to trade peer-to-peer.
"Such as making demand and buying and selling cryptocurrencies," the company explained. "OB1 also extends the services it offers to users in OpenBazaar, such as the Verified Moderator program released this week."
The funding news follows the recent multi-currency integration development team and an increase of 25,000 Openbazaar nodes. In addition to recent Openbazaar token (OBT) token announcements that will be based on blockade ethereum technology and aim to process smart contracts in the market environment.