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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.
Blockchain data provider Covalent has closed a $2 million funding round, led by South Korea's Hashed.
STORY CONTINUES BELOW
- 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
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.
