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Sead Fadilpašić

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Sead Fadilpašić

Part of the Team Since

Jan 2018

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Sead specializes in writing factual and informative articles to help the public navigate the ever-changing world of crypto. He has extensive experience in the blockchain industry, where he has served...

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June 26, 2024

Blockchain data infrastructure Covalent has announced the successful closing of a $5 million strategic funding round.

According to the press release shared with Cryptonews, RockTree Capital led the round, with participation from major Asian investors, including CMCC Global, Moonrock Capital, and Double Peak Group.

Covalent has also unveiled the New Dawn Initiative. They describe it as “a complete rebrand” that will bring the project closer to its crypto-native community and “farther from corporate influences.”

New perspective, new outlook, new brand.

The New Dawn Progress:
▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓▓░ 95% pic.twitter.com/OFk9xvprw5

— Covalent (@Covalent_HQ) June 26, 2024

Expanding Through Asia
The Covalent team said that they would use the funds to expand Covalent’s operations to Asia.

Furthermore, it will be utilized to support the adoption of Long-Term Data Availability in China, Korea, and Singapore.

Co-founder Ganesh Swami commented that Asia is an emerging crypto hub, showing “immense potential to become the leader of the next bull run.”

“With the Ethereum Wayback Machine [EWM] as a gateway to permanent data, we are excited to bring Long-Term Data Availability to Asian countries to boost local adoption and innovations,” he remarked.

Introducing the Ethereum Wayback Machine (EWM), a game-changing solution ensuring sustained access to historical blockchain data. 🚀

This innovation solidifies our commitment to Ethereum and safeguards its historical data. 💪 https://t.co/qn6lc95god

— Covalent (@Covalent_HQ) November 8, 2023

The team wants to make blockchain data more accessible and scalable, saying that this will enable them to provide “the most robust data infrastructure to cultivate blockchain and AI innovations in Asia.”

Therefore, Asian developers and users can now utilize Covalent’s EWM and broad dataset to innovate and scale, the announcement stated.

Responding to the need for permanent and verifiable blockchain data, it said, the team created the EWM, maintaining the security and integrity of all Ethereum data.

Covalent claims to currently possess “the largest structured data pool in Web3,” having been integrated with over 225 blockchains and 240 million wallets. This “fuels the advancement of Decentralized AI.”

Furthermore, thanks to it providing reliable data, the EWM accelerates the training and inference of AI models.

‘Relentless in Driving the AI-Web3 Convergence’
Meanwhile, Covalent says that it offers to its users a range of real-world use cases. These include automated trading for DeFi and scaling GameFi projects for mass adoption.

The team argued that “whether building decentralized Ethereum applications or unbiased AI models, the unique ability to easily access historical blockchain data opens up the door to new possibilities and promotes true decentralization.”

Omer Ozden, CEO of RockTree Capital, described the Covalent team as “relentless in driving the convergence of AI and Web3.”

They work to deliver the largest data set infrastructure in crypto, he said. “As this convergence explodes, so does Covalent’s use-case.”

Covalent’s Swami added that the company’s mission is democratizing access to all blockchain data.

He noted that this latest move is only the beginning of The New Dawn – a series of Covalent upgrades “to strengthen our commitment to Data Availability and Decentralized AI.”

The Covalent x @Consensys grants program is in full swing 🤝

We're committing $2.5M in grants through the Consensys Scale Program to empower developers! If you're building on @LineaBuild or @MetaMask, it's time to unlock new opportunities 🚀

Details ⬇️https://t.co/9vPxgowXFS

— Covalent (@Covalent_HQ) June 13, 2024

Meanwhile, the move follows the mid-June announcement that former BitMEX CEO Arthur Hayes joining Covalent as a strategic advisor.

Also in June, Covalent committed $2.5 million in grants through the Consensys Builders Scale Program.

As the cryptocurrency world continues to experience volatile price movements, attention turns to analysts’ comments and which cryptocurrencies they focus on. During the period when Bitcoin fell from $70,000 to $58,500 and then recovered slightly, a famous market follower predicted a rise for an altcoin while painting a pessimistic picture for Bitcoin and Ethereum.

Analyst’s Altcoin EmphasisAn analyst closely followed in the cryptocurrency world made statements suggesting that a low-volume artificial intelligence (AI) token could rise. Cryptocurrency analyst Michaël van de Poppe made significant statements on X.

He indicated that there could be a rise for Covalent (CQT), which ranks 346th in market value and is lagging in market volume.

CQT has returned to November 2023 levels. There has been a sharp correction since the peak in February. We expect Covalent’s price to rise significantly since its latest updates.

CQT is trading at $0.1549 after a 3.83% drop at the time of writing. CQT’s market cap is $124 million, while its trading volume remains below $1 million after a 21% drop in the last 24 hours.

Bitcoin (BTC) was also reviewed by Van de Poppe, who suggested a possible drop before a rise in the leading cryptocurrency.

This will likely be the case for Bitcoin. Preferably, we scan the $60,000 region where the bullish divergence started. A reversal could occur from next week with the approach of the Ethereum ETF (exchange-traded fund) listing.

BTC experienced a 1.8% drop in the last hour and is now finding buyers at $60,695. The market cap has fallen below $1.2 billion, while the 24-hour trading volume is at $23.4 billion after a 3% rise.

How Much is Ethereum?Lastly, the analyst reviewed Ethereum (ETH) and suggested that ETH could move upward against BTC (ETH/BTC).

Technically, ETH is holding a very important level for support. I think we will continue to drift upward from here. If it can reach 0.06 BTC ($3,690), then I assume we will see a major breakout and Altcoin strength for the rest of the year.

ETF is continuing to find buyers at $3,379 after a 2.11% drop in the last 24 hours.

Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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