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Lead by RockTree Capital, the blockchain data infrastructure company Covalent raised $5 million in strategic investment. An official release states that additional investors are CMCC Global, Moonrock Capital, and Double Peak Group.
Like the web2 variant that preserves internet websites, Covalent creates infrastructure to let users retrieve historical blockchain data in the “Ethereum Wayback Machine.” Using its funds, the company stated it would be able to go into Asia and increase the acceptance of long-term data availability in nations like China and Singapore. From token sales, Covalent raised a total of over $20 million.
“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 stated.
The founder of the bitcoin exchange BitMEX, Arthur Hayes, joined Covalent on June 11 and was paid CQT tokens.
Leading Hashed Ventures, Covalent raised $2 million in strategic capital in March 2021 under further assistance from Coinbase Ventures, Binance Labs, and Delphi Ventures, among others.
Covalent’s native token, CQT, traded at $0.17 on Wednesday following a 12.67% rise in the previous 24 hours. The market capitalization of CQT is $123.1 million.
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