Covalent Closes Strategic $2 Million Funding Round

24 March 2021, 15:42 GMT+0000
Updated by Kyle Baird
25 March 2021, 08:41 GMT+0000
In Brief
  • Covalent closes $2 million funding round.
  • It plans to use the money to launch a decentralized version of its data query network.
  • Covalent previously raised $3.1 million in a 2020 funding round.
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Blockchain data provider, Covalent closed a $2 million funding round for the launch of a decentralized version of its data query network.

The funding round, led by Hashed Ventures, included participation from Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures, and others. The round also involved blockchain protocols, including Moonbeam, Avalanche, Near, and Elrond. 

It has also secured an initial cohort of professional staking validators, including Ankr, Figment, Chorus One, and StakeWithUs.

The company expressed how the significant support shows the interest in the accessibility of on-chain data. 

With this new funding, Covalent aims to accelerate the launch of a decentralized version of its API. This will allow for a permissionless, sharded, global database for every single point of granular and historical blockchain data.

“We envision a future that is fair and equitable to all data stakeholders, which starts with giving developers across all enterprises access to the richest source of blockchain data,” said Ganesh Swami, CEO and Co-founder of Covalent.

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Currently, the company claims 25 billion rich transactions indexed on its platform across all their blockchains. 

However, which blockchain this network would use was not specified.

Covalent Continues Successful Growth Path 

This is the second round of funding in a concise space of time for the company. In 2020, it saw a $3.1 million funding round. 

Following that round, the company said it saw the number of customers grow to over 100. It also expanded from simply indexing Ethereum to include five other blockchains. It expects this to reach a total of 12 blockchains by the end of the year. 

Disclaimer

BeInCrypto has reached out to company or individual involved in the story to get an official statement about the recent developments, but it has yet to hear back.