Yahoo Finance Decentralized Data Project Covalent Raises Another $2M
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
