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Binance Labs Leads $8.5 Million Seed Funding for Bitquery to Support Development of Blockchain Data Solutions

2022-09-27

Main Takeaways:

  • Binance Labs continues to identify and support projects that offer innovative data analytics tools and infrastructure solutions to accelerate the adoption of Web3.

  • Binance Labs has participated in a $8.5 million seed funding round for Bitquery, a blockchain data company.

  • Bitquery offers a full set of APIs and analytics tools to democratize data access and solve pain points associated with on-chain data. 

Binance Labs, the venture capital arm and accelerator of Binance, led a $8.5 million seed funding round for Bitquery as part of its ongoing drive to support innovative blockchain data solution providers. The round was co-led by dao5, with Susquehanna, DHVC, INCE Capital, and angel investors from Google among other participants.

Bitquery will use the funds raised to expand its data coverage to support more blockchains, drive new use cases, and build out its BIT protocol to facilitate real-time data delivery.

He Yi, Co-Founder of Binance and Head of Binance Labs, said, "We’re excited to be working closely with the Bitquery team. 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.”

Bitquery offers a set of software products that parse, index, and store blockchain data in a unified way. Its two major product lines — APIs and data analytics tools — cover over 40 blockchains and provide use cases across verticals such as digital assets exchanges, DeFi protocols, government organizations, and more.

APIs: 

  • Coinpath is a set of API endpoints to trace money of any source and destination, create money flow graphs, and aggregate transfers to addresses. 

  • Digital Asset APIs are crypto-centric and provide indexed information for all major cryptocurrencies, coins, and tokens. It supports visualization of transactions that happened since the genesis block. 

  • DEX GraphQL APIs offer real-time trading data from multiple DEX protocols across different blockchains. Users can build charts, find arbitrage opportunities, analyze DEX markets and more.

Data analytics tools:

  • GraphQL is an open-source data query and manipulation language for APIs, and a runtime for fulfilling queries with existing data. 

  • Bloxy and Bitquery Explorer are client-side Web applications that offer analytics for more than 40 blockchains. Backed by a multi-dimensional database, Bitquery Explorer can aggregate data to facilitate complex analysis.

  • Bitquery widgets allow users to view blockchain analytics, dApp, and DeFi data on the website easily.

Dean Karakitsos, CEO of Bitquery, said, “Blockchain data demand is growing from all sectors of finance, including traditional financial institutions, enterprises, and even governments. 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.”

Danny F., Investment Director at Binance Labs, commented, “Bitquery is a key player in providing innovative on-chain data analytics tools and APIs. Its data solutions have made blockchain data more digestible and accessible to users. Bitquery’s team has a high commitment to what they are doing and they’ve been constantly developing and upgrading their products for the past five years. We look forward to seeing the team further expand its product suites and build out a decentralized network to better support users' data and infrastructure needs.”

Bitquery will continue to develop its BIT protocol, a chain-agnostic and real-time data delivery and transformation protocol. Rather than storing data inside its own network, the BIT protocol has connectors for users to ingest blockchain data through their preferred interface. With the BIT protocol, Bitquery aims to resolve data accessibility challenges. 

About Binance Labs 

Since 2018, Binance Labs has invested in more than 200 projects from over 25 countries. It has also incubated about 50 goal projects that are native to Web3 via the Binance Labs Incubation Program, including Polygon, Perpetual Protocol, Dune Analytics, and more. As the venture capital arm and accelerator of Binance, Binance Labs is on the continued lookout for the next big Web3 innovation.

For more information, follow Binance Labs on Twitter.

About Bitquery

Bitquery is a data company building products to solve blockchain data problems on a global scale. Bitquery’s products deliver real-time data from over 40 blockchains and various Web3 protocols. It also provides a decentralized BIT protocol to democratize access to blockchain data. Today, Bitquery’s data infrastructure empowers thousands of developers, businesses, and governments. It delivers solutions to various verticals such as decentralized finance (DeFi), DEX arbitrage analytics, crypto surveillance & forensics across major blockchains like Bitcoin, Ethereum, BNB Chain, and Polygon.

For more information, follow Bitquery on Twitter or click here.