In a significant development, CryptoQuant, a well-known provider of on-chain data and market analysis platform, has successfully completed its Series A funding round, securing an additional 8.5 billion KRW ($6.5 million). This latest injection of funds increases CryptoQuant’s total capital to an impressive 12 billion KRW ($9 million), marking an important milestone for the company.
Atinum Investment led the funding round with contributions from IMM Investment, SK, Bass Investment and HillSpring Investment. Atinum has emphasized the critical role of CryptoQuant’s infrastructure in facilitating the entry of traditional financial institutions into the global digital asset market. The company anticipates rapid growth in this space, especially following the recent incidents involving Luna and FTX, where the importance of on-chain data became even more apparent.
A surge in institutional interest in Bitcoin has been making waves, with BlackRock’s application for a Bitcoin spot ETF in the United States last month acting as a catalyst. This move fueled Bitcoin’s market and price dominance and inspired other financial institutions, including Fidelity, to emulate its strategy.
CryptoQuant data is already highly valued by leading financial outlets such as Bloomberg, CNBC and CryptoPotato. The platform’s on-chain data has played a critical role in enabling clients and investors to identify early warning signs of market trends, including the Terra death spiral (LUNA) in 2022. Additionally, it continues to provide valuable insights into investor sentiment, miner behavior , and Bitcoin price movements.
Currently serving over 200 institutional customers, CryptoQuant strengthened its position in the industry through a partnership with the Chicago Mercantile Exchange (CME) last year.
With newly acquired funding, Team Blackbird, the creative force behind CryptoQuant since its founding in 2019, plans to focus on business development and recruitment across multiple domains, including development, planning, marketing and HR. Team Blackbird CEO, Joo Gi-Young, highlighted the platform’s commitment to redefining the investment methodology for digital assets and establishing evaluation criteria based on accurate data.
In a previous conversation with CryptoPotato in April, representatives of CryptoQuant revealed that institutional investors are preparing to allocate a more significant portion of their portfolio to Bitcoin in the second half of 2023. Hochan Chung, the company’s Head of Marketing, even suggested that Bitcoin could surpass its $69,000 peak. in Q2 2024.
However, Chung recently warned against expecting the upcoming halving event to significantly appreciate in price. He points out that the influence of halving on the value of Bitcoin has diminished as the new supply threshold has decreased significantly.
CryptoQuant’s successful funding round is a testament to the growing demand for reliable on-chain data and reaffirms the company’s position as a key player in the digital asset market. With the support of leading investors, CryptoQuant is well positioned to continue providing valuable insights and shaping future investment strategies in the fast-evolving crypto landscape.