CryptoQuant Raises $6.5 Million in Series A Funding
CryptoQuant, an on-chain data provider and market analysis platform, has announced the completion of a Series A funding round, raising an additional $6.5 million. This brings the company’s total raised funds to $9 million. The funding was led by Atinum Investment, with participation from IMM Investment, SK, Bass Investment, and HillSpring Investment. The company plans to use the funds for business development and recruitment in various fields.
- CryptoQuant’s infrastructure is necessary for traditional financial institutions entering the digital asset market.
- Institutional interest in Bitcoin has been increasing, with BlackRock’s application for a Bitcoin spot ETF sparking further interest.
- CryptoQuant’s on-chain data is already being used by prominent financial outlets and has helped identify early warning signs of Terra’s death spiral.
- The company currently serves over 200 institutional customers and has a partnership with the Chicago Mercantile Exchange.
- Representatives from CryptoQuant predict that institutional investors will start allocating more heavily to Bitcoin in the second half of 2023.
Hot Take: CryptoQuant’s Funding Reflects Growing Interest in On-Chain Data
CryptoQuant’s successful Series A funding round highlights the increasing importance of on-chain data in the digital asset market. With traditional financial institutions entering the space and institutional interest in Bitcoin rising, there is a growing demand for reliable and accurate data analysis. CryptoQuant’s data has already proven its value in identifying market trends and providing insights into investor sentiment. With this additional funding, the company can further develop its infrastructure and expand its reach to meet the needs of its institutional customers.
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