Covalent, a blockchain data provider, today announced it has closed a $2 million strategic funding round led by Hashed Ventures with participation from Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures, and others to launch a decentralized version of its data query network.
“We envision a future that is fair and equitable to all data stakeholders, which starts with giving developers across all enterprises access to the richest source of blockchain data. It’s clear that the crypto and DeFi community value access to this exhaustive data source, which Covalent provides,” said Ganesh Swami, CEO & Co-founder of Covalent.
Covalent’s funding round also saw participation from leading blockchain protocols, including Moonbeam, Avalanche, Near, and Elrond, signaling a community belief in enhancing the accessibility of exhaustive, on-chain data, the third breakout category of crypto after trading and custody.
Along with the blockchain protocols, Covalent has secured an initial cohort of professional staking validators including Ankr, Figment, Chorus One, and StakeWithUs.
This funding round will help kickstart the progressive decentralization of the Covalent network, allowing a permissionless, sharded, global database for every single point of granular and historical blockchain data.
Covalent already serves leading crypto, DeFi and NFT projects such as 0x, Zerion, Balancer, Reef, and NFTX and this funding will accelerate the development of new product offerings such as multi-chain capabilities and support for granular NFT data.
“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,” said Baek Kim, Senior Associate at Hashed Ventures.
Since its funding round last summer, the number of customers employing Covalent’s data has grown to over 100 customers and the number of blockchains indexed has increased from one to six, with the team expecting to index a total of 12 blockchains by the end of the year.
Currently, granular and historical blockchain data from Polygon (formerly Matic), Binance Smart Chain, Polkadot, Avalanche, and Ethereum are all available with the Covalent API.
Covalent is also gearing up for a public token sale and is currently distributing 1% of the token supply – which equates to millions of dollars – to its Alchemists Ambassadors.
Alchemist Ambassadors act as key leaders in developing the Covalent ecosystem and receive investment into their growth & development – applications for the program are now open.