Blockchain data infrastructure firm Covalent raises $5 million in strategic funding
Quick Take
- Covalent raised $5 million in a RockTree Capital-led strategic funding round.
- CMCC Global, Moonrock Capital and Double Peak Group provided additional support.
- Covalent said it will use the funds to expand operations in Asia.
The blockchain data infrastructure firm Covalent raised $5 million in strategic funding led by RockTree Capital. Additional investors include CMCC Global, Moonrock Capital and Double Peak Group, according to an official release.
Covalent develops infrastructure to let users access historical blockchain data in the "Ethereum Wayback Machine," akin to the web2 version that stores online webpages. The firm said it will use its financing to expand into Asia and bolster the adoption of long-term data availability in countries such as China and Singapore. In total, Covalent raised over $20 million from token sales.
“This is a milestone for the Covalent network to deliver Long-Term Data Availability to users and developers in Asia. As blockchain and AI technology advance, Covalent is continuing to innovate and provide the most robust data infrastructure for the global audience,” the firm's co-founder Ganesh Swami told The Block.
Arthur Hayes, founder of the crypto exchange BitMEX, joined Covalent as an advisor on June 11 and received CQT tokens as compensation, The Block previously reported.
In March 2021, Covalent raised $2 million in strategic funding, led by Hashed Ventures, with additional support from Coinbase Ventures, Binance Labs and Delphi Ventures, among others.
Covalent's native token, CQT, traded at $0.17 on Wednesday after seeing a 12.67% increase in the previous 24 hours, according to The Block Prices. CQT has a market capitalization of $123.1 million.
Disclaimer: The Block is an independent media outlet that delivers news, research, and data. As of November 2023, Foresight Ventures is a majority investor of The Block. Foresight Ventures invests in other companies in the crypto space. Crypto exchange Bitget is an anchor LP for Foresight Ventures. The Block continues to operate independently to deliver objective, impactful, and timely information about the crypto industry. Here are our current financial disclosures.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
