Covalent, a Canada-based blockchain data provider, announced on Monday it has sold $10 million worth of native token CQT through a CoinList token sale.
Founded in 2018, Covalent describes itself as a technology company that is solving the huge infrastructure problems inhibiting blockchain adoption. The company reported that its solution bridges the entrenched world of centralized databases with the new world of distributed blockchain technologies.
“Blockchains provides a new frontier of development for enterprises, consumers and software developers. Due to its decentralized architecture, immutable ledger and highly secure framework, applications of the technology will impact industries ranging from finance and retail to personal identity and cryptocurrency. Covalent’s solution will exponentially increase access to and adoption of distributed blockchain technologies for enterprise and consumer use cases.”
According to Covalent, the token will be used as the platform currency that powers interactions between users on the Covalent Network. Ganesh Swami, CEO and Co-Founder of Covalent, spoke about the sale by stating:
“As a response to market demand we’ve been able to open up Covalent to the public through our CQT token. The overwhelming support from the community shows a growing understanding of the role that data analytics plays in powering the crypto, DeFi and NFT markets.”
The data provider also revealed that in the past six months, it has closed two funding rounds, which totaled up to $5.1 million, to power the launch of its data query network.