Decentralized Data Project Covalent Raises Another $2M
Covalent will use the funding to launch a decentralized version of its data query network.
Blockchain data provider Covalent has closed a $2 million funding round, led by South Korea's Hashed.
- Other participating investors included Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures, as well as blockchain protocol firms including Moonbeam, Avalanche, Near and Elrond, Covalent said Wednesday.
- Covalent said it will use the new funding to launch a decentralized version of its data query network. The funds will also assist in the development of "new product offerings such as multi-chain capabilities and support for granular NFT data."
- “This [funding] will kickstart the progressive decentralization of the Covalent network, allowing a permissionless, sharded, global database for every single point of granular and historical blockchain data,” said Covalent.
- The data provider reports the number of customers using its data has increased to over 100 customers, and the number of blockchains indexed has increased from one to six.
- Covalent said the team is expecting to index a total of 12 blockchains by the end of the year.
- Last year, Covalent closed a $3.1 million funding round.
Read more: Binance Leads $2M Funding Round for Crypto Exchange Aggregator OpenOcean
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Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.
Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.
Why it matters:
Digital assets posted a third consecutive quarter of losses in Q2 2026, the longest losing streak since the 2022 bear market, as institutional capital rotated into AI equities and Bitcoin ETFs recorded their largest quarterly outflow since launch. Our report examines what drove the divergence, where structural adoption continued regardless, and what Q3 signals to watch.
