South Korean blockchain analytics company CryptoQuant has recently raised $3 million from industry investors in a just-concluded funding round led by leading blockchain-focused venture capital firm Hashed.
According to a press release shared with CryptoPotato, the funding will be geared toward developing CryptoQuant’s data and analytics infrastructure, considering that the crypto industry is gradually entering a mainstream phase.
The firm noted that demand for data on leading digital assets like bitcoin and ether has surged in recent months and will continue to rise with the influx of institutional and retail investors into the crypto space.
CryptoQuant has made a name for itself via its analytics services, providing investors of all experience levels with the insight to successfully navigate the crypto market while helping to prevent harmful practices like money laundering.
The blockchain analytics firm provides investors with on-chain data, news, alerts, pro charts, and data APIs that allow them to make smart investment decisions. With the funding, CryptoQuant said it will be able to scale its services to reach even more people within the industry.
According to the company’s CEO Ki-Young Ju, most crypto users suffer from anxiety when they invest in the asset class because they lack sufficient knowledge to make data-driven investment decisions.
“That’s where CryptoQuant comes in, we started as a data provider, and now we’re on the mission to make the crypto markets work for all people by giving them digestible data and community-driven insights,” Ju added.
Hashed CEO Simon Kim also commented on the successful funding, noting that CryptoQuant is a promising project with a lot of potential, hence the decision to lead the round.
“The CryptoQuant team has already built a world-class on-chain data analysis platform. Influencers, analysts, and leaders in the market have used CryptoQuant’s data for their content and opinions. These are distributed to various communities such as Twitter and Telegram, creating massive organic marketing effects for CryptoQuant.”
Other notable investors who participated in this funding round include Mike Novogratz’s Galaxy Interactive, Mirae Asset Capital, and Youbi Capital.