Bitquery Raises $8.5 Million in Funding led by Binance Labs

Key Takeaways:

  • The funding round was led by Binance Labs as part of its mission to support innovative blockchain data solution providers.
  • Bitquery plans to utilize these funds to expand its data coverage to drive new use cases, support more blockchains, and build out its BIT protocol to facilitate real-time data delivery.

Leading data company Bitquery raised $8.5 million in funding to help build its Blockchain Data Infrastructure. The funding round was led by Binance Labs, the venture capital arm and accelerator of Binance, as part of its mission “to support innovative blockchain data solution providers.”

The investment round also saw participation from dao5, with Susquehanna, DHVC, INCE Capital, and angel investors from Google, among others. In its press release, Bitquery highlights that it plans to utilize these funds to expand its data coverage to drive new use cases, support more blockchains, and build out its BIT protocol to facilitate real-time data delivery.

Commenting on the latest development, He Yi, Co-Founder of Binance and Head of Binance Labs, said, “At Binance Labs, we will continue to identify and support innovative data solution providers that allow industry players easy access to accurate on-chain data. We believe that the battle-tested technology of Bitquery and its mission to democratize data access will bring a positive impact to the long-term growth of the Web3 industry.”

Dean Karakitsos, CEO of Bitquery, notes that Bitquery’s mission is to enable hassle-free access to blockchain data for everyone. “Today, many businesses depend on Bitquery’s data infrastructure. However, building such an infrastructure in a centralized manner stifles innovation that can be achieved through open access to blockchain data. Bitquery is working on a data protocol to solve this problem efficiently and support more use cases where real-time blockchain data is critical”, he added.

Bitquery states that with its BIT protocol, it hopes to continue to solve blockchain data accessibility problems and provide incentives to make blockchain data more meaningful. Over 40 blockchains were covered by Bitquery’s two main product lines, data analytics tools and APIs, which also offer use cases for diverse industries, including DeFi protocols, digital assets exchanges and government agencies.

Binance Labs has recently been on a funding spree. In July, it announced closing a new $500 million investment fund to boost blockchain and Web3 technologies. There have also been unconfirmed reports that Salus Security, a blockchain security company, had received an unknown amount of financing from Binance Labs’ incubator and investment section.

Saniya Raahath
Saniya Raahath

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