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Bitquery, a provider of blockchain data, has secured $8.5 million in a seed fundraising round co-led by Dao5 and Binance Labs, with participation from Susquehanna, DHVC, INCE Capital, and others. The money will go into developing new use cases, expanding its data coverage to support more blockchains, and refining its BIT protocol to enable real-time data distribution.
Binance Labs Supports Bitquery's Seed Funding
The initial fundraising round for Bitquery was supported by Binance Labs, the venture capital and accelerator division of Binance, as part of its continued effort to assist cutting-edge blockchain data solution providers. Dao5 also led the funding round, including investments from Susquehanna, DHVC, INCE Capital, and angel investors from Google. The funds received by Bitquery would allow it to increase its data coverage to support new use cases and blockchains and develop its BIT protocol to enable real-time data transmission.
Bitquery's Contribution to Web3
Binance co-founder and head of Binance Labs Yi He stated that the company looks forward to working closely with the Bitquery team. The creative data solution providers who give market participants simple access to reliable on-chain data will continue to be identified and supported by Binance Labs. The company is confident that Bitquery's tested technology and goal of democratizing data access will contribute to the Web3 industry's long-term success. Bitquery provides several software tools that interpret, index, and store blockchain data uniformly. Over 40 blockchains were covered by its two main product lines, data analytics tools, and APIs, which also offer use cases for diverse industries, including government agencies, DeFi protocols, and exchanges of digital assets.
Seed Funding Round For Salus Security
This week, Cryproknowmics reported that Salus Security, a blockchain security company, had received an unknown amount of financing from Binance Labs' incubator and investment section. This business provides blockchain smart contract audits and automated smart contract vulnerability discovery.