Covalent Raises $5 Million in Round Led by RockTree Capital, Unveils ‘Complete Rebrand’

cryptonews.com:

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

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.