VANCOUVER, March 24th, 2021 - 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 new funding will accelerate product timelines to launch a decentralized version of the market leading Covalent API.

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.

Accelerating Momentum with a Proven Product and an All-star Team

Since Covalent’s $3.1 million prior funding round in the Summer of 2020, Covalent has experienced dramatic growth across all business metrics:

1. Traction - the number of customers succeeding with Covalent has grown to over a hundred including market leaders like 0x, Zerion, Balancer, Reef, NFTX, ChainGuardians across the DeFi and NFT verticals.
2. Team - the team has grown from 3 to over 25 passionate crypto veterans.
3. Indexing support - Covalent API has extended support to six other blockchains besides Ethereum.

Doubling-down on Ecosystem Partners

In addition to the aforementioned investors, this round also saw participation from leading base layer chains, including Moonbeam, Avalanche, Near, and Elrond. The support from these projects signals their belief in the importance of the third breakout category in crypto: accessibility of rich, on-chain data.

Along with the base layer partners, Covalent has secured an initial cohort of professional validators including Ankr, Figment, Chorus One, and StakeWithUs.

Building a Community for Transparent Blockchain Data Enthusiasts

Having spent the last three years building the best-in-class technology and product for developers, Covalent is now committed to building a vibrant and robust community of data enthusiasts.

1. Dungeons and Data - our flagship crypto-data competition that brings together data scientist, artists and writers.
2. One Million Wallets - our developer hackathon to celebrate the creativity & diversity of applications on various blockchains.
3. Alchemist Ambassador Program - a leadership program to build the Covalent community with an emphasis on professional growth & development.

What’s coming next

• Covalent’s public sale. Signup for our newsletter or our Telegram announcement channel.
• Next season of the Covalent Alchemist Ambassador program is now open. Alchemist Ambassadors act as key leaders in developing the Covalent ecosystem and receive investment into their growth & development.

Quote from Baek Kim, Partner at Hashed

Quote from Ganesh, Covalent’s CEO

Press coverage

• Coindesk - Decentralized Data Project Covalent Raises Another $2M

• The Block Crypto - Blockchain data provider Covalent raises $2 million to decentralize its platform

• Coin Telegraph - Covalent raises $2M to build a decentralized blockchain data provider

About Covalent

Covalent provides the industry-leading Unified API bringing visibility to billions of Web3 data points. Developers use Covalent to build exciting multi-chain applications like crypto wallets, NFT galleries, and investor dashboard tools utilizing data from 26+ blockchains. Covalent is trusted by a community of 15,000+ developers and powers data for 500+ applications including 0x, Zerion, Rainbow Wallet, Rotki, Bitski and many others.

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