Binance Labs Leads $8.5M Seed Funding For Bitquery To Support Development Of Blockchain Data Solutions
Summary
Binance Labs, the venture capital arm and accelerator of Binance, led a $8.5 million seed funding round for Bitquery as part of its ongoing drive to support innovative blockchain data solution providers.The investment round was co-led by dao5, with Susquehanna, DHVC, INCE Capital, and angel investors from Google among other participants.Bitquery will use the funds raised to expand its data coverage to support more blockchains, drive new use cases, and build out its BIT protocol to facilitate real-time data delivery.He Yi, Co-Founder of Binance and Head of Binance Labs, said:Were excited to be working closely with the Bitquery team. We believe that the battle-tested technology of Bitquery and its mission to democratize data access will bring a positive impact to the long-term growth of the Web3 industry.Bitquery offers a set of software products that parse, index, and store blockchain data in a unified way.Its two major product lines APIs and data analytics tools cover over 40 blockchains and provide use cases across verticals such as digital assets exchanges, DeFi protocols, government organizations, and more.Blockchain data demand is growing from all sectors of finance, including traditional financial institutions, enterprises, and even governments. However, building such an infrastructure in a centralized manner stifles innovation that can be achieved through open access to blockchain data. Bitquerys team has a high commitment to what they are doing and theyve been constantly developing and upgrading their products for the past five years. With the BIT protocol, Bitquery aims to resolve data accessibility challenges.