Blockchain data infrastructure firm Covalent raises $5 million in strategic funding
Summary
The blockchain data infrastructure firm Covalent raised $5 million in strategic funding led by RockTree Capital. Additional investors include CMCC Global, Moonrock Capital and Double Peak Group, according to an official release.Covalent develops infrastructure to let users access historical blockchain data in the "Ethereum Wayback Machine," akin to the web2 version that stores online webpages. The firm said it will use its financing to expand into Asia and bolster the adoption of long-term data availability in countries such as China and Singapore. As blockchain and AI technology advance, Covalent is continuing to innovate and provide the most robust data infrastructure for the global audience, the firms co-founder Ganesh Swami told The Block.Arthur Hayes, founder of the crypto exchange BitMEX, joined Covalent as an advisor on June 11 and received CQT tokens as compensation, The Block previously reported.In March 2021, Covalent raised $2 million in strategic funding, led by Hashed Ventures, with additional support from Coinbase Ventures, Binance Labs and Delphi Ventures, among others.Covalents native token, CQT, traded at $0.17 on Wednesday after seeing a 12.67% increase in the previous 24 hours, according to The Block Prices. CQT has a market capitalization of $123.1 million.Disclaimer: The Block is an independent media outlet that delivers news, research, and data.