Seed Funding for Bitquery Amounts to $8.5Million, Led by Binance Labs
Bitquery recently concluded a funding round where it raised an investment worth $8.5 million. The funding round was led by Binance Labs along with Susquehanna, dao5, INCE Capital, DHVC, and angel investors from Google. Funds raised by Bitquery will be used to expand the venture’s data coverage, build BIT Protocol, and drive new use cases.
The funding round was a part of the ongoing drive of Binance Labs, where the investment arm of Binance seeks to support blockchain data solution providers with an innovative approach.
He Yi, a Co-Founder of Binance & the Head of Binance Labs, expressed excitement on behalf of the team, adding that Binance Labs will continue identifying & supporting data solution providers that are innovative and allow industry players access to accurate on-chain data with ease.
He Yi also expressed confidence in Bitquery, stating that it will bring a positive impact on the long-term growth of the Web3 industry.
Danny F., the Investment Director at Binance Labs, called Bitquery a key player in providing innovative on-chain data analytics tools and APIs. Danny further noted that the team behind Bitquery is extremely committed to what they do.
Bitquery has laid down its plan for the future as well. The venture aims to continue developing its BIT protocol with connectors for users to ingest blockchain data through the interface of their preference.
A challenge that Bitquery looks to resolve with its protocol is easy data accessibility.
Bitquery looks to solve many more blockchain data problems with its products that deliver real-time data from more than 40 blockchains and different Web3 protocols. The two major product lines of Bitquery are:-
- Data Analytic Tools
Various businesses depend on the infrastructure data of Bitquery, according to Dean Karakitsos, the Chief Executive Officer of Bitquery. Dean reiterates that the venture’s mission is to provide everyone with easy accessibility to blockchain data.
Binance Labs is the investment arm of Binance that has covered 25+ countries to support more than 200 projects. Binance Labs has supported almost 50 goal projects including, but not limited to, Perpetual Protocol, Polygon, and Dune Analytics.
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