Blockchain Data Infrastructure Firm Covalent Raises $5 Million in Strategic Funding

Inside Look: Blockchain Data Infrastructure Firm Covalent’s Strategic Funding Round

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 raised $5 million in a RockTree Capital-led strategic funding round. 
• CMCC Global, Moonrock Capital and Double Peak Group provided additional support. 
• Covalent said it will use the funds to expand operations in Asia. 

Covalent’s Data Infrastructure and Asia Expansion

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. In total, Covalent raised over $20 million from token sales. 

Covalent’s Future Plans

This is a milestone for the Covalent network to deliver Long-Term Data Availability to users and developers in Asia. As blockchain and AI technology advance, Covalent is continuing to innovate and provide the most robust data infrastructure for the global audience,

the firm’s co-founder Ganesh Swami

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. 

Covalent Token (CQT) and Market Status

Covalent’s 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.

About Covalent

Covalent is the leading modular data infrastructure layer that’s dedicated to solving major challenges in blockchain and AI. Covalent’s largest reservoir of structured, verifiable data augments decentralized training and inference, reducing the likelihood of manipulated or biased AI models. Additionally, Covalent’s Ethereum Wayback Machine ensures decentralized access to Ethereum’s transaction data, keeping it secure. Trusted by over 3,000 leading organizations, Covalent powers AI, DeFi, GameFi, and other use cases with unfettered access to on-chain data from over 225 blockchains and counting.