Covalent Raises $5M Funding In Strategic Round For APAC Go-to-Market Growth Initiative

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Published: June 26, 2024 at 9:00 am Updated: June 26, 2024 at 6:41 am

Edited and fact-checked:
June 26, 2024 at 9:00 am

In Brief

Covalent raised $5 million in a strategic funding round to expand its presence in Asia and propel the Long-Term Data Availability adoption.

Blockchain data infrastructure provider Covalent announced that it has raised $5 million in a strategic funding round led by RockTree Capital, with participation from CMCC Global, Moonrock Capital, and Double Peak Group.

With this new funding, the company intends to expand its presence in Asia and propel the adoption of Long-Term Data Availability in regions encompassing China, Korea, and Singapore. Additionally, it plans to launch the New Dawn Initiative, involving a comprehensive rebranding effort aimed at enhancing alignment with its crypto-native community.

“As an emerging crypto hub, Asia has shown immense potential to become the leader of the next bull run. With the Ethereum Wayback Machine as a gateway to permanent data, we are excited to bring Long-Term Data Availability to Asian countries to boost local adoption and innovations,” said Ganesh Swami, co-founder of Covalent, in a written statement. “Covalent’s mission is to democratize access to all blockchain data, empowering builders to shape a decentralized future. This only marks the beginning of The New Dawn, a series of Covalent upgrades to strengthen our commitment to Data Availability and Decentralized AI,” he added.

Backed by prominent regional investors, Asian developers, and users will leverage Covalent’s Ethereum Wayback Machine (EWM) and comprehensive dataset to foster innovation and growth. Furthermore, in addition to Ethereum and AI applications, Covalent provides a wide array of practical use cases, including automated trading for decentralized finance (DeFi) and scaling GameFi projects aimed at broader adoption, which will further enhance their experience.

Covalent Welcomes Arthur Hayes As Strategic Advisor To Enhance Ethereum’s Verifiability For AI

It operates as a modular data infrastructure layer focused on addressing challenges in blockchain and AI, encompassing verifiability, decentralized AI inference, and Long-Term Data Availability. Meanwhile, the EWM guarantees secure, decentralized access to transaction data on the Ethereum blockchain.

The EWM fulfills the essential requirement for permanent and verifiable data, ensuring the overall security and integrity of Ethereum‘s data. Furthermore, by integrating with over 225 blockchains and 300,240 million wallets, Covalent establishes the biggest structured data pool in Web3, which fuels the advancement of Decentralized AI. By providing secure and reliable data, the EWM enhances the speed of training and inference of AI models while mitigating security risks.

Recently, Covalent unveiled its new strategic advisor, Arthur Hayes, with whom the firm collaborated to focus on safeguarding Ethereum’s historical data to ensure accessibility and transparency across the ecosystem’s entire history.

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About The Author

Alisa, a dedicated journalist at the MPost, specializes in cryptocurrency, zero-knowledge proofs, investments, and the expansive realm of Web3. With a keen eye for emerging trends and technologies, she delivers comprehensive coverage to inform and engage readers in the ever-evolving landscape of digital finance.

Alisa Davidson