The cryptocurrency and non-fungible token (NFT) ecosystem analytics company BitsCrunch has raised $3.6 million in a funding round led by Animoca Brands, Coinbase Ventures, Crypto.com Capital and others.
BitsCrunch uses AI-based analytical tools to determine the fair price of NFTs, identify money laundering warnings, and determine if an NFT is a copy or counterfeit of the genuine asset.. The company is based in Germany and India.
The company believes that investors in this ever-growing space need better access to data to protect them from fakes and being duped by naïve trading volume.
We are excited to announce that we have completed an oversubscribed private token round of $3.6M USD, led by @animocabrands & with participation from @coinbase @cryptocom @polygonstudios & a few others. A detailed thread pic.twitter.com/a5La2z5jym
— bitsCrunch | #SecureYourNFTs (@bitsCrunch) February 24, 2022
We are delighted to announce that we have completed a $3.6M private oversubscribed token round, led by @animocabrands and with participation from @coinbase @cryptocom @polygonstudios and a few others. a detailed thread
BitsCrunch CEO Vijay Pravin Maharajan told Cointelegraph on Feb. 25 that his company currently supports NFTs on Ethereum (ETH), Polygon (MATIC), and Avalanche (AVAX), but that he plans to use the funds “to expand the team that can focus on securing many prominent blockchains like Solana (SOL), Polkadot (DOT) , Algorand (ALGO) and others”.
The firm stated in a tweet of February 24 that hopes the new additions will make “the entire ecosystem more trustworthy and safe for the community”.
Animoca Brands, the lead investor in the round, has been one of the most prolific venture capital firms to invest in the NFT space. Last month it was valued at $5 billion due to the level of earnings from its investment portfolio, which includes Axie Infinity, The Sandbox, and many other NFT-based projects.
Animoca co-founder Yat Siu stated on February 25 that BitsCrunch is in a good position to help investors make informed investment decisions. He added that it can “significantly contribute to the security of the emerging open metaverse.”
The amount of funds raised for NFT projects in the last 30 days alone suggests that demand remains high for development in the countryside. The cryptocurrency fundraising tracker Airtable shows that at least 27 other NFT projects have raised a collective $251 million since January 25.
Although the leading NFT market of all time, OpenSea, has seen a reduction in trading volume, interest in this asset class has not faded.. Much of the trading volume for the most popular asset aside from ETH on Ethereum appears to have moved from OpenSea to the LooksRare marketplace due to its lower fees and higher returns for investors.
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