Vancouver’s Covalent, a unified API for blockchain data, has closed a $2 million strategic funding round led by Hashed with participation from Binance Labs, Coinbase Ventures, Delphi Ventures, Hypersphere Ventures, and other ecosystem partners.
The blockchain ecosystem has seen two major breakout categories over the past few years: trading and custody. This strategic funding round will cement Covalent’s leadership position in the fast-emerging third breakout category of crypto: APIs making blockchain data more accessible.
The new funding will accelerate product timelines to launch a decentralized version of the market leading Covalent API.
Covalent leverages big-data technologies to create meaning from hundreds of billions of data points, delivering actionable insights to investors and allowing developers to allocate resources to higher-utility goals within their organization. Instead of pain-stakingly sourcing data from a small handful of chains, Covalent aggregates information from across dozens of sources including nodes, chains and data feeds.
The Covalent API then sources end users with individualized data by wallet, including current and historical investment performance across all types of digital assets. Most importantly, Covalent returns this data in a rapid and consistent manner, incorporating all relevant data within one API interface.
Since Covalent’s $3.1 million prior funding round in the Summer of 2020, Covalent has experienced dramatic growth across all business metrics. Covalent’s customer base has grown to over 100, employee headcount has jumped from 3 to over 25 passionate crypto veterans, and the Covalent API has extended support to six other blockchains besides Ethereum.
Covalent was co-founded by CEO Ganesh Swami and CTO Levi Aul and is currently hiring in Vancouver.