- RockTree Capital leads $5M funding for blockchain firm Covalent, targeting Asian expansion.
- Covalent to enhance data tools in China and Singapore with new funds.
- Covalent’s CQT token rises 8%, reflecting strong market confidence.
RockTree Capital has led a successful $5 million funding round for Covalent, a leader in blockchain data infrastructure. This financial injection will facilitate the company’s strategic expansion across Asian markets. Notable contributions also came from CMCC Global, Moonrock Capital, and Double Peak Group, each affirming their confidence in Covalent’s vision.
Enhancing Data Infrastructure Across Asia
The company plans to use these funds to broaden its operations within Asia, focusing on enhancing data availability in key markets such as China and Singapore. Covalent is renowned for its innovative platform that allows users to retrieve historical blockchain data through a tool similar to the “Ethereum Wayback Machine.” This expansion underscores Covalent’s commitment to delivering comprehensive data solutions to a global audience.
Additionally, Covalent has raised over $20 million through various token sales, demonstrating robust market trust in its technological offerings. Co-founder Ganesh Swami expressed that this funding milestone is pivotal for their network’s capability to provide long-term data availability to Asian developers and users.
Moreover, the firm’s engagement with renowned advisors like Arthur Hayes, founder of the crypto exchange BitMEX, who joined Covalent on June 11, further solidifies its strategic advisory framework. Hayes’s involvement is expected to drive forward Covalent’s mission in revolutionizing blockchain data access worldwide.
Covalent’s native token, CQT, has shown a positive market response, trading at $0.165 with a 8% increase over the past 24 hours. This reflects investor confidence in Covalent’s ongoing projects and market strategy.
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