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In a notable advancement, CryptoQuant, a distinguished provider of on-chain data and market analysis, has successfully wrapped up its Series A funding round, acquiring an additional 8.5 billion KRW ($6.5 million). This recent funding boost raises CryptoQuant’s total capital raised to an impressive 12 billion KRW ($9 million), representing a significant achievement for the organization.
Atinum Investment spearheaded the funding round, with contributions from IMM Investment, SK, Bass Investment, and HillSpring Investment. Atinum has highlighted the essential role of CryptoQuant’s infrastructure in aiding traditional financial institutions’ entry into the global digital asset market. The firm expects swift growth in this sector, especially following recent events involving Luna and FTX, where the importance of on-chain data has become increasingly evident.
The rise of institutional interest in Bitcoin has been notable, with BlackRock’s application for a Bitcoin spot ETF in the United States last month serving as a catalyst. This action boosted Bitcoin’s price and market share, encouraging other financial institutions, including Fidelity, to adopt similar strategies.
CryptoQuant’s data is already well-respected by major financial media outlets such as Bloomberg, CNBC, and CryptoPotato. The platform’s on-chain data has been instrumental in helping clients and investors detect early indicators of market trends, including the collapse of Terra (LUNA) in 2022. Furthermore, it continues to offer valuable insights into investor sentiment, miner activity, and Bitcoin’s price fluctuations.
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Currently catering to over 200 institutional clients, CryptoQuant has reinforced its standing in the industry through a partnership with the Chicago Mercantile Exchange (CME) established last year.
With the newly secured funds, Team Blackbird, the creative team behind CryptoQuant since its inception in 2019, intends to concentrate on business development and recruitment across various areas, including development, planning, marketing, and human resources. Team Blackbird’s CEO, Joo Gi-Young, emphasized the platform’s dedication to transforming investment approaches for digital assets and creating evaluation standards based on precise data.
In a prior discussion with CryptoPotato in April, CryptoQuant representatives indicated that institutional investors were preparing to allocate larger portions of their portfolios to Bitcoin in the latter half of 2023. Hochan Chung, the company’s Head of Marketing, even proposed that Bitcoin might exceed its peak of $69,000 by Q2 2024.
However, Chung recently warned against anticipating that the forthcoming halving event will significantly influence price appreciation. He noted that the halving’s effect on Bitcoin’s value has lessened as the new supply limit decreases considerably.
CryptoQuant’s successful funding round underscores the increasing demand for dependable on-chain data and reaffirms the company’s role as a vital participant in the digital asset market. With the support of notable investors, CryptoQuant is well-equipped to continue providing valuable insights and influencing the future of investment strategies in the swiftly changing crypto environment.
The post CryptoQuant Raises Another $6.5 Million In Series A appeared first on BitcoinWorld.
