Parsec Raises $4 Million in Funding and Launches DeFi and NFT Analytics Product
Parsec, an on-chain data analytics platform for cryptocurrencies, has announced a successful $4 million funding round and the launch of a new product focused on decentralized finance (DeFi) and non-fungible tokens (NFTs). The funding round was led by Galaxy Digital, the investment firm founded by Michael Novogratz, with participation from Uniswap Labs Ventures, Robot Ventures, CMT Digital, and others.
This seed extension funding round follows Parsec’s previous seed round of $1.25 million in January 2021. According to Parsec founder and CEO Will Sheehan, the company raised the additional funds to expand its offerings and user base.
The New Offerings: “Team” Product and API Access
As part of its expansion, Parsec has launched a new product called “Team,” which provides DeFi and NFT analytics. This product includes tooling, access to Parsec’s complete feature set, API access, and account management services. The API allows developers and analysts to integrate Parsec’s data into their own systems.
Parsec’s Competitive Edge: Customizable Dashboard and Real-Time Data
While there are other on-chain analytics platforms available, Sheehan believes that Parsec stands out due to its highly customizable and modular dashboard. With over 110 customizable components, users can access real-time data visualizations that are designed for quick decision-making.
Expanding Blockchain Support
Currently, Parsec supports eight blockchains on its platform, including Ethereum, Arbitrum, Optimism, Base, zkSync, Avalanche, Canto, and Mantle. However, Sheehan plans to add five to ten more networks in the coming months. Some of the networks that interest Parsec include Polygon, Scroll, Monad, dYdX, and Berachain.
Galaxy Digital’s Perspective
Leland Lee, an investor on Galaxy Digital’s venture team, emphasized the importance of platforms like Parsec in bringing more institutions into the crypto space. By providing comprehensive DeFi and NFT data transparency, Parsec enables audits, risk management, and advanced trading strategies.
Hot Take: Parsec Raises Funds to Expand Analytics Platform for DeFi and NFTs
Parsec’s recent funding round and product launch highlight the growing demand for on-chain data analytics in the cryptocurrency market. With its customizable dashboard and real-time data visualizations, Parsec aims to provide users with the tools they need to make informed decisions in the fast-paced world of DeFi and NFTs. As the platform expands its blockchain support and continues to attract institutional investors like Galaxy Digital, Parsec is well-positioned to play a pivotal role in the future of decentralized finance.
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