Ethereum data analytics startup Covalent raises $3.1 million

advertisement

Covalent, a Vancouver-based data analytics startup focused on Ethereum, has raised $3.1 million in a new funding round.

Revealing the news exclusively to The Block on Wednesday, Covalent said the round was co-led by Woodstock Fund, 1kx Capital, and Mechanism Capital. Other participating investors in the “oversubscribed” round included CoinGecko and Alameda Research, among others.

Covalent currently provides on-chain data and analytics for the Ethereum network. With the fresh funding in place, the startup plans to support Ethereum sidechains and other layer-1 blockchains that are currently live, CEO Ganesh Swami told The Block.

“With the summer’s DeFi yield farming craze, Covalent has seen exponential growth in the number of API calls it serves every day to customers,” said Swami. “The API allows easy access to data that is normalized, unified, and granular.”

Looking ahead in the future, the 12-person Covalent team also looks to expand beyond crypto and cover “all data locked up in private databases,” said Swami.

Other analytics firms have attracted venture support in recent days.

Last month, the Ethereum-centric analytics platform Dune Analytics raised $2 million. The round was led by Dragonfly Capital, with participation from Coinbase Ventures, CoinGecko and others.

Related Reading

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Why BTG Pactual is launching a crypto platform

Brazil-based BTG Pactual, Latin America’s biggest investment bank, is launching its own crypto asset platform that will initially support bitcoin and ether trading. The platform will be called Mynt and allow customers to purchase bitcoin and ether, BTG Pactual’s Head of Digital Assets André Portilho tells The Block. Eventually, the platform will support other digital […]
Read Full Story
Sep 24, 2021, 9:17PM UTC

TRON USDC now available

Delivering on a vision for an interoperable global standard for dollar digital currency, Circle and TRON have partnered to make USD Coin (USDC) available on the TRON blockchain, which has grown to more than 56 million accounts and nearly 2.5 billion transactions since its founding just four years ago. TRON is home to a broad ecosystem for digital assets in Asia and around the world, and the TRON community can now benefit from easy access to the world's fastest-growing, regulated dollar digital currency. 
Read Full Story
Sponsored Post
More