OpenBazaar Raises $1 Million from Silicon Valley Giants / Stan Higgins / June 11, 2015 at 14:00 BST

The developers of OpenBazaar, the open-source decentralized marketplace protocol, have received $1 million in seed funding.

The project received backing from venture firmsAndreessen Horowitz and Union Square Ventures, and angel investor William Mougayar.

OpenBazaar aims to enable broader peer-to-peer e-commerce, free from the privacy and economic concerns attributed to more centralized models, using bitcoin as a medium of exchange.

The announcement comes more than a year after DarkMarket, the proof-of-concept decentralized market on which OpenBazaar is based, won the hackathon at the Bitcoin Expo Toronto in April 2014. OpenBazaar, later forked from DarkMarket, has since released several beta versions, with the most recent, dubbed “Portobello”, launched in late April.

The funding will be used to support several full-time developers, as well as enable the creation of OB1, a new company that will develop services for future OpenBazaar users.