Covalent Closes $2 Million Strategic Funding Round to Launch its Decentralized Data Query Network
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VANCOUVER, March 24th, 2021 – Covalent, a unified API for blockchain data, has closed a $2 million strategic funding round led by Hashed with participation from Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures, and other ecosystem partners. The new funding will accelerate product timelines to launch a decentralized version of the market leading Covalent API.
The blockchain ecosystem has seen two major breakout categories over the past few years: trading and custody. This strategic funding round will cement Covalent’s leadership position in the fast-emerging third breakout category of crypto: APIs making blockchain data more accessible.
Accelerating Momentum with a Proven Product and an All-star Team
Since Covalent’s $3.1 million prior funding round in the Summer of 2020, Covalent has experienced dramatic growth across all business metrics:
- Traction – the number of customers succeeding with Covalent has grown to over a hundred including market leaders like 0x, Zerion, Balancer, Reef, NFTX, ChainGuardians across the DeFi and NFT verticals.
- Team – the team has grown from 3 to over 25 passionate crypto veterans.
- Indexing support – Covalent API has extended support to six other blockchains besides Ethereum.
Doubling-down on Ecosystem Partners
In addition to the aforementioned investors, this round also saw participation from leading base layer chains, including Moonbeam, Avalanche, Near, and Elrond. The support from these projects signals their belief in the importance of the third breakout category in crypto: accessibility of rich, on-chain data.
Along with the base layer partners, Covalent has secured an initial cohort of professional validators including Ankr, Figment, Chorus One, and StakeWithUs.
Building a Community for Transparent Blockchain Data Enthusiasts
Having spent the last three years building the best-in-class technology and product for developers, Covalent is now committed to building a vibrant and robust community of data enthusiasts.
- Dungeons and Data – our flagship crypto-data competition that brings together data scientist, artists and writers.
- One Million Wallets – our developer hackathon to celebrate the creativity & diversity of applications on various blockchains.
- Alchemist Ambassador Program – a leadership program to build the Covalent community with an emphasis on professional growth & development.
What’s coming next
- Covalent’s public sale. Signup for our newsletter or our Telegram announcement channel.
- Next season of the Covalent Alchemist Ambassador program is now open. Alchemist Ambassadors act as key leaders in developing the Covalent ecosystem and receive investment into their growth & development.
Quote from Baek Kim, Partner at Hashed
” Covalent is the most robust data infrastructure for the blockchain ecosystem trusted by many leading decentralized services today. We couldn’t be happier to back Ganesh and the team as lead investors, and we look forward to helping grow the decentralized network when it launches.
Quote from Ganesh, Covalent’s CEO
” The time to build is now. With this new funding round, expect us to ship more product, richer and more granular data, solve more as-of-yet unsolved problems while we onboard more retail and enterprise use-cases. Excited for the new set of backers to join Covalent on our journey.
Covalent leverages big-data technologies to create meaning from hundreds of billions of data points, delivering actionable insights to investors and allowing developers to allocate resources to higher-utility goals within their organization. Instead of pain-stakingly sourcing data from a small handful of chains, Covalent aggregates information from across dozens of sources including nodes, chains and data feeds. The Covalent API then sources end users with individualized data by wallet, including current and historical investment performance across all types of digital assets. Most importantly, Covalent returns this data in a rapid and consistent manner, incorporating all relevant data within one API interface.