Blockchain data provider Covalent has raised $2 million in a strategic funding round.
It was a token round, Covalent founder Ganesh Swami told The Block. Hashed Ventures led the funding, with participation from Coinbase Ventures, Binance Labs, Delphi Ventures, and others.
With fresh capital at hand, Covalent plans to launch a decentralized version of its data query network. In other words, Covalent wants to be a “permissionless and unstoppable public utility,” said Swami.
Decentralization would make Covalent “faster and cheaper” for clients, Swami told The Block. “For us, it means now we can recruit a hundred more people from the community to work along-side us to further our mission,” he said.
Swami didn’t say which blockchain Covalent is using for the decentralized network but said it is “one of the existing faster blockchains.”
Founded in 2017, Covalent provides blockchain data in one place for six different blockchains — Ethereum, Binance Smart Chain, Polkadot, Avalanche, Po
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