Covalent Boosts Asia Operations with $5 Million Funding Round

Covalent, a Canadian blockchain data infrastructure startup, has raised $5 million in strategic funding. This round was led by RockTree Capital, with additional investments from CMCC Global, Moonrock Capital, and Double Peak Group.

The new funding will support Covalent’s efforts to expand its blockchain data infrastructure. Also, Covalent has announced plans to utilize the $5 million strategic financing to expand its operations in Asia. 

The company aims to accelerate the adoption of long-term data availability in key markets such as China and Singapore. This initiative follows the successful launch of their “Ethereum Wayback Machine” last year, a platform analogous to web archive data on traditional web platforms, enabling users to access historical blockchain data.

Ganesh Swami, Covalent’s co-founder, said this funding will help enhance their data infrastructure offerings amidst advancing blockchain and artificial intelligence technologies. He highlighted Covalent’s goals to innovate and provide robust data solutions globally, particularly in Asia.

“As an emerging crypto hub, Asia has shown immense potential to become the leader of the next bull run. With the Ethereum Wayback Machine as a gateway to permanent data, we are excited to bring Long-Term Data Availability to Asian countries to boost local adoption and innovations,” says Co-Founder Ganesh Swami. 

“Covalent’s mission is to democratize access to all blockchain data, empowering builders to shape a decentralized future. This only marks the beginning of The New Dawn, a series of Covalent upgrades to strengthen our commitment to Data Availability and Decentralized AI.” 

Arthur Hayes, founder of BitMEX, recently joined Covalent as an advisor, receiving CQT tokens as part of his involvement. This move is Covalent’spart of the strategy for expanding and strengthening partnerships in the blockchain ecosystem, leading itself to decentralized data access and AI advancements in the region.

Covalent secured $2 million in strategic funding in March 2021, led by Hashed Ventures, with additional support from Coinbase Ventures, Binance Labs, and Delphi Ventures. This investment has been pivotal in advancing Covalent’s initiatives, including the development of their native token, CQT. As reported by The Block Prices, CQT recently traded at $0.17 following a 12.67% increase in value within 24 hours. CQT currently has a market capitalization of $123.1 million.

Omer Ozden, CEO of RockTree Capital, commended Covalent for their relentless pursuit of AI and Web3 convergence, underscoring their commitment to delivering the most extensive data infrastructure in the crypto space.

“Covalent’s team is relentless in driving the convergence of AI and Web3 by delivering the largest data set infrastructure in crypto. As this convergence explodes, so does Covalent’s use-case,” said Omer Ozden, CEO of RockTree Capital.

With a total of $20 million raised through various token rounds, Covalent remains focused on leveraging these investments to drive crypto adoption and innovation across Asia. 

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