Bitquery Raises $8.5M in Seed Round Led by Binance Labs

Bitquery has announced that it has raised $8.5 million in a seed financing round led by Binance Labs and Dao5. In addition, angel investors from Susquehanna, DHVC, INCE Capital and Google were present in the seed round. 

Bitquery will use this collected capital to further support the blockchain to build the BIT protocol, which is designed to improve data coverage, navigate new situations and facilitate real-time data distribution.

About the Seed Round

He Yi, Co-Founder of Binance and President of Binance Labs, said, “We are excited to work closely with the Bitquery team. At Binance Labs, we will continue to identify and support innovative data solution providers that make it easy for industry players. We believe that with access to accurate data on-chain, Bitquery’s battle-tested technology and democratization mission will have a positive impact on the long-term growth of the Web3 industry.

Bitquery offers ”a set of software products that decompose, index and store blockchain data in a unified way”. There are two main product groups. These are; 

1. APIs
2. Data Analysis Tools

They cover more than 40 blockchains and provide use cases across verticals such as digital asset exchanges, DeFi protocols, government entities, and more.

APIs:  

• Coinpath is a set of API endpoints for tracking money of any source and destination, creating money flow graphs and collecting transfers to addresses. 
• Digital Asset APIs are crypto-centric and provide indexed information for all major cryptocurrencies, coins and tokens. It supports visualization of transactions that have taken place since the Genesis block. 
• The DEX GraphQL APIs provide real-time trading data from multiple DEX protocols on different blockchains. Users can create charts, find arbitrage opportunities, analyze DEX markets and more.

Data Analysis Tools: 

• • GraphQL is an open source data querying and processing language for APIs and a runtime for performing queries with existing data. 
  • Bloxy and Bitquery Explorer are client-side Web applications that offer analytics for more than 40 blockchains. Supported by a multidimensional database, Bitquery Explorer can collect data to facilitate complex analysis.
  • Bitquery widgets allow users to easily view blockchain analytics, DApp and DeFi data on the website.

Dean Karakitsos, CEO of Bitquery, said“ “The demand for blockchain data is growing from all financial sectors, including traditional financial institutions, businesses, and even governments. Bitquery’s mission is to provide seamless access to blockchain data for everyone. Nowadays, many businesses are dependent on Bitquery’s data infrastructure. However, building such an

infrastructure in a centralized way hinders the innovation that can be achieved through open access to blockchain data. Bitquery is working on a data protocol to efficiently solve this problem and support more use cases where real-time blockchain data is critical.”

The BIT protocol has connectors for users to receive blockchain data through their preferred interface, rather than storing the data within their own network. Bitquery aims to solve data accessibility challenges with the BIT protocol.

About Bitquery

Bitquery is a data company that produces products to solve blockchain data problems on a global scale. Bitquery’s products offer real-time data from more than 40 blockchains and various Web3 protocols. It also provides a decentralized BIT protocol to democratize access to blockchain data. Today, Bitquery’s data infrastructure powers thousands of developers, businesses, and governments. It provides solutions to various industries such as decentralized finance (DeFi), DEX arbitrage analytics, crypto surveillance, and forensics on major blockchains such as Bitcoin, Ethereum, BNB Chain, and Polygon.

About Binance Labs

Since 2018, Binance Labs has invested in more than 200 projects from more than 25 countries. In addition, Polygon has incubated about 50 Web3-specific target projects through the Binance Labs Incubation Program, which includes Perpetual Protocol, Dune Analytics, and more. As Binance’s venture capital arm and accelerator, Binance Labs continues to search for the next big Web3 innovation.

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