An on-chain data source and market evaluation platform called CryptoQuant revealed on Thursday that it has successfully raised $6.5 million further in a Series A fundraising round. With the additional funding, CryptoQuant has now raised a total of 12 billion KRW ($9 million).
Atinum Investment served as the primary financier for CryptoQuant, with assistance from IMM Investment, SK, Bass Investments, and HillSpring Management. According to the former, traditional financial institutions will need CryptoQuant’s infrastructure for the purpose to penetrate the global market for digital assets.
In a news release shared with CryptoPotato, Atinum stated, “Given the rising significance of on-chain data in the wake of the Luna and FTX incidents, we’re anticipating to see substantial growth in the global market.
The Increase in Assets and Investments
Since BlackRock submitted its initial proposal for a Bitcoin spot ETF in the US last month, business interest in Bitcoin has soared. The action has not only increased the value of Bitcoin and its market domination, but it has also inspired other financial organizations, like Fidelity, to follow in its footsteps.
Popular financial publications like Bloomberg and CNBC have already cited CryptoQuant’s data, in addition to CryptoPotato. The company’s on-chain data continues to offer perspectives on investor sentiment, mining behavior, and Bitcoin’s price and has assisted its investors and customers in spotting early warning signals of Terra (LUNA)’s death spiral in 2022.
Over 200 institutional clients are being served by the business, which also has a relationship with the Chicago Mercantile Exchange (CME) that was established just last year.
The company that founded CryptoQuant in 2019—Team Blackbird—plans to use its new funding for business expansion and hiring in a variety of industries, including “development, planning, marketing, and HR.” “CryptoQuant’s main worth lies in demonstrating the fact that it is possible for investors to rethink their investment techniques. Especially for digital goods and also to establish standards. That helps to determine asset value through the use of its accurate data,” said by Team Blackbird CEO Joo Gi-Young.
Representatives from CryptoQuant told CryptoPotato in April that financial institutions would begin investing more actively in Bitcoin in the subsequent half of 2023. Hochan Chung, the company’s head of marketing at the time, predicted that by Q2 2024, the asset could have surpassed its prior high of $69,000. However, Chung stated in remarks made public last month that he doesn’t necessarily anticipate the halving to be a significant trigger for price increase. This is as the increased supply limitation decreases significantly in the market,” he claimed.
Big crypto events, including the collapse of well-known exchanges and coin crashes, have had a big impact on the overall crypto market, which has been experiencing a steady decline in price. Major cryptocurrencies like BTC were already experiencing the crypto winter in 2022, which may have also been caused by certain macroeconomic circumstances.
While BTC is presently trading at $16,000 at the point of writing, experts are expressing concerns about the well-known coin that may go below the $10k price mark in the wake of the FTX-Binance disagreement. In order to combat the current gloomy market, many investors are moving their attention to new developing coins that are performing amazingly well in their presale.
Major cryptocurrencies like BTC are suffering along with the market, which is undoubtedly declining. Before the price increases, now is the ideal opportunity to invest in alternative assets like D2T, TARO, IMPT, and RIA. Before it’s too late, invest now to obtain these tokens at a discount. So this is how there is a potential increase in all the assets for the investing purposes.
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