Blockchain analytics platform CryptoQuant announced on Thursday the close of a $6.5 million Series A funding round. The latest funding demonstrates investors’ continued efforts to bolster the growth of crypto-related services.
CryptoQuant Bags $6.5M
South Korean venture capital firm Atinum Investment led the funding round. Other firms that partook in the fundraising were South Korean firms Hillspring Investment, SK Group, Bass Investment, and IMM Investment.
CryptoQuant noted that its parent company, Team BlackBird, will utilize the fund to bolster its business affairs by recruiting more workforce into its South Korean office and international activities.
Team Blackbird’s CEO, Joo Gi-Young, commented on the company’s mission, saying:
“Digital assets are considered particularly risky speculative assets due to the difficulty in finding reliable information and engaging in speculative investments without data analysis. CryptoQuant’s main value lies in proving that it is possible to redefine investment methodologies for digital assets and establish criteria for evaluating asset value based on accurate data.”
The newly acquired fund brings CryptoQuant’s total capital raised to $9 million. Recall that the analytics firm had previously secured funds from investment companies Galaxy Interactive and Mirae Asset Capital.
Crypto Companies Raise Funds from Investors
Global cryptocurrency market capitalization is currently at $1.22 trillion, representing a 60% decrease from its all-time high (ATH) of around $3 trillion. Still, investors around the world have not faltered in their efforts to invest in crypto-focused companies.
A recent study revealed that crypto companies garnered about $2.34 billion in funding from investors in the second quarter of 2023 alone. Among them is the Worldcoin project built by OpenAI CEO Sam Altman, which attracted $115 million from investors in a Series C funding round.
Lens protocol is another project that has recently recorded an influx of cash from investors. The company raised $15 million to create a decentralized social media ecosystem, harnessing the Ethereum layer-2 Polygon network. The Bitcoin insurance company also secured $19 million last month to expand its terrain to the United States.
