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Decentralized Data Project Covalent Raises Another $2M
Covalent will use the funding to launch a decentralized version of its data query network.
Updated Sep 14, 2021, 12:31 p.m. Published Mar 24, 2021, 2:00 p.m. 1 min read
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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