Prominent Investors Contribute $2M To Covalent For The Completion Of A Project On Building A Decentr

Prominent Investors including Hashed Ventures, Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures, and others contribute $2M To Covalent for the completion of a project on building a decentralised blockchain data provider. The round was also participated by the blockchain protocol firms like Moonbeam, Avalanche, NEAR and Elrond. A number of notable investors and projects have provided $2 million to Covalent in a project building a decentralized blockchain data provider.

Ganesh Swami, CEO and co-founder of Covalent said:

We do not require developers to write subgraphs or SQL, which means Covalent is more broadly applicable, more mainstream with a bigger addressable market. Covalent is built for the eventual and inevitable merge of DeFi and Fintech.

Covalent is a data provider to a number of projects in the DeFi and NFT spaces, including 0x, Zerion and Balancer. Covalent visions of a decentralized and shared global database, allowing granular queries. Blockchain data projects, are advanced explorers of blockchain allowing a broad selection of data. Covalent said it will use the new raising capital to launch a decentralized version of its data query network. The funds will assist in the development of “new product offerings such as multi-chain capabilities and support for granular NFT data.”

Covalent said:

This will 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 has increased its customer base to 100 in using the data provided by them. Covalent will use the capital in decentralizing its network, expanding to more networks and embracing professional data providers and validators. With 6 blockchains in its index, Covalent is expecting to index a total of 12 blockchains by 2021 end.


1/ Covalent is delighted to announce a closed strategic funding round with the following industry-leading investors. 🌐@hashed_official@BinanceLabs@coinbase@Delphi_Digital@hypersphere_https://t.co/E8oXr71eSt — Covalent (@Covalent_HQ) March 24, 2021

Source: Cointelegraph | finance.yahoo.com

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