Quick take:
- The blockchain data infrastructure provider said it will use the funds to expand its operations in Asia.
- The platform enables users to access historical blockchain data in the “Ethereum Wayback Machine.”
- The firm also enjoys backing from Hashed, Coinbase Ventures, Binance Labs and Delphi Ventures which participated in a $2 million strategic funding in March 2021.
Covalent has raised $5 million in a strategic round led by RockTree Capital, with CMCC Global, Moonrock Capital and Double Peak Group also participating.
The blockchain data infrastructure provider said it will use the fresh capital to expand its operations in Asia and accelerate the adoption of long-term data availability in China and Singapore among other countries.
Covalent unveiled the “Ethereum Wayback Machine” in November last year, a platform likened to web archive data on Web2 platforms, because of its ability to enable users to access historical blockchain data.
According to Covalent co-founder Ganesh Swami, his company will use this opportunity to revamp its data infrastructure offerings as blockchain technology and artificial intelligence continue to advance.
Covalent also boasts backing from the likes of Hashed Ventures, Coinbase Ventures, Binance Labs and Delphi Ventures which participated in a $2 million strategic funding in March 2021.
The company has now raised a total of $20 million through token rounds, according to The Block, with Arthur Hayes, the founder of crypto exchange platform BitMEX joining as an advisor earlier this month.
Swami believes Asia is an emerging crypto hub, and continues to show “immense potential to become the leader of the next bull run.” He wants his company to play a significant in the industry’s next growth phase in the region.
“With the Ethereum Wayback Machine [EWM] as a gateway to permanent data, we are excited to bring Long-Term Data Availability to Asian countries to boost local adoption and innovations,” he said.
Omer Ozden, CEO of RockTree Capital commended the Covalent team for being “relentless in driving the convergence of AI and Web3,” highlighting their commitment to delivering the largest data infrastructure in crypto. “As this convergence explodes, so does Covalent’s use-case,” he said.
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