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CryptoQuant – an on-chain data provider and market analysis platform – on Thursday announced the completion of a Series A funding round for an additional 8.5 billion KRW ($6.5 million).
The increase brings CryptoQuant’s total raised funds to 12 billion KRW ($9 million).
Global Recruitment Plans of CryptoQuant
CryptoQuant’s funding was led by Ateneum Investment with additional help from IMM Investment, SK, Bass Investment and Hillspring Investment. According to the former, the cryptoquant’s infrastructure will be necessary for traditional financial institutions to enter the digital asset market around the world.
“Given the growing importance of on-chain data following the Luna and FTX incidents, we expect rapid growth in the global market,” Attinum said in a press release shared with Cryptopotato.
Institutional interest in bitcoin has increased significantly since BlackRock filed its first application for a bitcoin spot ETF in the United States last month. This move not only boosted bitcoin’s price and market dominance, but also inspired other financial institutions like Fidelity to copy its every move.
Data from CryptoQuant has already been referenced by major financial outlets including Bloomberg and CNBC as well as Cryptopotatoes. The firm’s on-chain data helped its clients and investors identify early warning signs of Terra’s (LUNA) death in 2022, and continues to provide insight into investor sentiment, miners’ behavior and bitcoin’s price. kept.
The company currently serves over 200 institutional clients, including a partnership with the Chicago Mercantile Exchange (CME) formed last year.
Team Blackbird – the firm that founded CryptoQuant in 2019 – plans to use its new funding for business development and recruitment in a number of areas, including “development, planning, marketing and human resources”.
Joo Gi-young, CEO of Team Blackbird, said, “CryptoQuant’s core value lies in proving that it is possible to redefine investment methodologies for digital assets and establish benchmarks for asset value valuation based on accurate data.” Is.”
Where is bitcoin going next?
Speaking to Cryptopotatoes in April, representatives from CryptoQuant noted that institutional investors were planning to begin a more heavy allocation to bitcoin in the second half of 2023. At the time, Hochen Chung, the company’s head of marketing, suggested that the asset could surpass its previous high of $69,000. By Q2 2024.
However, in comments shared last month, Chung said he does not expect the halving itself to be a major catalyst for price increases. “The impact of the halving on the price of bitcoin is diminishing as the new supply limit is significantly reduced,” he added.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
[ad_1]
CryptoQuant – an on-chain data provider and market analysis platform – on Thursday announced the completion of a Series A funding round for an additional 8.5 billion KRW ($6.5 million).
The increase brings CryptoQuant’s total raised funds to 12 billion KRW ($9 million).
Global Recruitment Plans of CryptoQuant
CryptoQuant’s funding was led by Ateneum Investment with additional help from IMM Investment, SK, Bass Investment and Hillspring Investment. According to the former, the cryptoquant’s infrastructure will be necessary for traditional financial institutions to enter the digital asset market around the world.
“Given the growing importance of on-chain data following the Luna and FTX incidents, we expect rapid growth in the global market,” Attinum said in a press release shared with Cryptopotato.
Institutional interest in bitcoin has increased significantly since BlackRock filed its first application for a bitcoin spot ETF in the United States last month. This move not only boosted bitcoin’s price and market dominance, but also inspired other financial institutions like Fidelity to copy its every move.
Data from CryptoQuant has already been referenced by major financial outlets including Bloomberg and CNBC as well as Cryptopotatoes. The firm’s on-chain data helped its clients and investors identify early warning signs of Terra’s (LUNA) death in 2022, and continues to provide insight into investor sentiment, miners’ behavior and bitcoin’s price. kept.
The company currently serves over 200 institutional clients, including a partnership with the Chicago Mercantile Exchange (CME) formed last year.
Team Blackbird – the firm that founded CryptoQuant in 2019 – plans to use its new funding for business development and recruitment in a number of areas, including “development, planning, marketing and human resources”.
Joo Gi-young, CEO of Team Blackbird, said, “CryptoQuant’s core value lies in proving that it is possible to redefine investment methodologies for digital assets and establish benchmarks for asset value valuation based on accurate data.” Is.”
Where is bitcoin going next?
Speaking to Cryptopotatoes in April, representatives from CryptoQuant noted that institutional investors were planning to begin a more heavy allocation to bitcoin in the second half of 2023. At the time, Hochen Chung, the company’s head of marketing, suggested that the asset could surpass its previous high of $69,000. By Q2 2024.
However, in comments shared last month, Chung said he does not expect the halving itself to be a major catalyst for price increases. “The impact of the halving on the price of bitcoin is diminishing as the new supply limit is significantly reduced,” he added.
Binance Free $100 (Exclusive): Use this link to register and get $100 free and 10% off fees on Binance Futures for the first month. (terms).
PrimeXBT SPECIAL OFFER: Use this link to register and enter the code CRYPTOPOTATO50 to receive up to $7,000 on your deposit.
