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Decentralized Data Project Covalent Raises Another $2M

Tanzeel Akhtar
·1 min read

Blockchain data provider Covalent has closed a $2 million funding round, led by South Korea’s Hashed Ventures.

  • 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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