The funds will be used for getting the products into production, and for the infrastructure to expand to other blockchains in the space to provide NFT collectors and traders with the best analytics capabilities possible
Germany-based bitsCrunch, an NFT-focused blockchain analytics company, on Monday announced to have raised a Seed round of $750,000 from the Covalent, Double Peak, GenBlock Capital, Ledger Prime, MEXC Global, and Synaps. It is headquartered in Chennai in India as well.
The funds will be used for getting the products into production, and for the infrastructure to expand to other blockchains in the space to provide NFT collectors and traders with the best analytics capabilities possible.
“We believe that blending a proven technology like Artificial Intelligence (AI) with Blockchain technology can make wonders and makes the ecosystem safer and more reliable. We would like to put back the trust among people who still has some concerns over the technology,” said Saravanan Jaichandaran, co-founder and chief data scientist, bitsCrunch.
bitsCrunch aims to safeguard the NFT ecosystem. Seeing issues like forgeries, wash-trading, and inefficient asset valuation in the NFT space.
“As the NFT eco-system rapidly grows, we find bitsCrunch’s AI products to be essential that will further safeguard and enhance the experience of everyday users navigating the space. The team has made excellent progress in recent months. Most notably, an important partnership with eco-system giants, Rarible, and Polygon, and the completion of NFTMarketcap, which will prove to be an invaluable tool for marketplace analysis. We are excited to see the future unravel for bitsCrunch and are confident their products will become a core component of the NFT eco-system,” added, Bilal Junaid, founder, GenBlock Capital.
The company has said to have seen more than eightfold growth in the global user base over the last year.