Blockchain platform Covalent said to raise $3.1m in funding

Covalent, which aims to bring transparency to blockchain, has reportedly raised $3.1m in its latest funding round.

Woodstock Fund, 1kx Capital and Mechanism Capital all co-led the investment, according to a report from The Block. Other backers to the round included CoinGecko, Alameda Research and other unnamed backers.

With the support of the funding, Covalent wishes to expand its reach to support other industries where data is being locked away.

The Canadian FinTech offers unified API that eases integration and the utilisation of data within a blockchain network. Clients can use the technology to get token balances, current and historic values of quote currencies, and cryptocurrency logs.

Its platform aggregates data from every single wallet application on Ethereum, supports the calculate liabilities and taxes, and use data on the blockchain to improve decision making.

Earlier in the month, DeFiner closed an investment from SNZ Holdings to support the development of its decentralised finance network. The company uses blockchain technology to help users to lend, borrow and earn digital assets within a global network.

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