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Multicoin Leads $2M Round in Storage Startup
Filebase wants to help developers tap into all those decentralized storage networks that keep popping up.
There’s an multitude of decentralized file storage options, but that doesn’t mean using them is easy.
STORY CONTINUES BELOW
In a bid to be the developer gateway to the likes of Sia, Filecoin and Storj, Filebase has raised a $2 million seed round led by Multicoin Capital and joined by Version One Ventures and angel investors such as Messari founder Ryan Selkis.
Object storage is used for saving images on Facebook, music on Spotify and files in web-sharing applications such as Dropbox.
Well-known object storage platforms include Amazon S3 (also known as Amazon Simple Storage Service), Microsoft Azure and Google Cloud Platform. In a decentralized twist, Filebase differs from the others because it is an object storage platform that operate atop a number of Web 3 storage networks – not just one.
“Decentralized storage networks are non-trivial to use. They often require developers to implement custom software, unique configurations, or special integrations,” Multicoin Capital managing partner Kyle Samani said in a statement. “This stands in stark contrast to how the vast majority of developers are familiar with storing their data, which is on Amazon S3.”
Read more: Startup Behind Siacoin Storage Platform Raises $3M, Rebrands as Skynet Labs
Boston-based Filebase was founded by CEO Joshua Noble and Chief Operating Officer Zac Cohen in 2019. The firm has developed a browser-based dashboard and an S3-compatible API (application programming interface) to manage data across decentralized storage networks.
Noble told CoinDesk his firm is “renting storage space and storing data on behalf of users.” He said Filebase’s S3-compatible API should be a factor in coaxing developers away from traditional cloud storage providers and into the decentralized web.
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
