Decentralized Data Project Covalent Raises Another $2M

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

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.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Tanzeel Akhtar

Learn more about Consensus 2024, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.