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Filebase raises $2M and plans Filecoin integration

Apr 30, 2021 | Blockchain, De-Fi | 0 comments

Filebase, an object storage blockchain company built on the Sia network, has raised $2 million from investors, and in its expansion program announced it plans to integrate Arweave and Filecoin by the end of 2021.

The interest in storage or archiving on decentralized networks continues to grow, and Filebase is adding another blockchain-based opportunity.

Essentially, Filebase offers a browser-based dashboard and S3-compatible API to distribute, access and manage data across multiple decentralized storage networks. In addition to being built on the Sia network, Filebase has decided to expand and the project also supports the Skynet and Storj networks.

Not only that, but the Filebase API also works as a drop-in replacement for existing applications and tools using Amazon Web Service or AWS S3.

The $2 million fundraising is just a first round of funding, and it appears that investors include well-known names in the blockchain space such as Multicoin Capital‘s Kyle Samani, the participation of Boris Wertz of Version One Ventures, and notable angel investor Ryan Selkis (Founder and CEO of Messari).

The Filebase project and the integration with Filecoin

The idea of Filebase was born in 2018 with the mission to easily store data on the Sia network. For this very reason, the project was initially called SiaSync.

Over time, by standardizing the Filebase API on the S3 API, which is the “de-facto gold standard of cloud-native data storage”, it became possible for Filebase to work across multiple decentralized networks. Hence, the name became the more generic Filebase.

At the moment, Filebase has reportedly already processed more than 150 million objects, using the three networks Sia, Skynet and Storj. A growing and a significant portion of numbers, for the Web3 ecosystem. On that note, here’s a statement from the Filebase team on the future of decentralized data storage:

“With the growth of data over the next 5 years, growing to over 175 Zettabytes by 2025, we believe it’s not a question of if but when decentralized storage will become broadly adopted and mainstream. These technologies are a powerful, cost-effective, and highly-disruptive alternative to the traditional cloud providers of today, and it is the goal of Filebase to help make that a reality”.

And thus comes the official announcement that they are adding more networks to increase the scale and overall storage capacity Filebase can provide to customers. Among these new networks, Filecoin and Arweave are already scheduled for integration by the end of 2021.

A new entry for the Filecoin ecosystem that has already been making waves this past month. Firstly, thanks to the $10 million fund received from Block Dream Fund, OKEx’s investment institution to support the projects of the storage-related crypto.

And secondly, not only as a project but also as a cryptocurrency, the announcement by Revolut of the integration of Filecoin (FIL) into its new crypto offering.

At the time of writing, the FIL crypto is in the top 20 by market capitalization.

The post Filebase raises $2M and plans Filecoin integration appeared first on The Cryptonomist.


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