Binance Labs Leads $8.5M Seed Funding for Bitquery to Support Development of Blockchain Data Solutions

Binance Labs, the venture capital arm and accelerator of Binance, led a $8.5 million seed funding round for Bitquery as part of its ongoing drive “to support innovative blockchain data solution providers.”

The investment round was “co-led by dao5, with Susquehanna, DHVC, INCE Capital, and angel investors from Google among other participants.”

Bitquery will use the funds raised “to expand its data coverage to support more blockchains, drive new use cases, and build out its BIT protocol to facilitate real-time data delivery.”

He Yi, Co-Founder of Binance and Head of Binance Labs, said:

“We’re excited to be working closely with the Bitquery team. At Binance Labs, we will continue to identify and support innovative data solution providers that allow industry players easy access to accurate on-chain data. We believe that the battle-tested technology of Bitquery and its mission to democratize data access will bring a positive impact to the long-term growth of the Web3 industry.”

Bitquery offers “a set of software products that parse, index, and store blockchain data in a unified way.”

Its two major product lines — APIs and data analytics tools — “cover over 40 blockchains and provide use cases across verticals such as digital assets exchanges, DeFi protocols, government organizations, and more.”

Dean Karakitsos, CEO of Bitquery, said:

“Blockchain data demand is growing from all sectors of finance, including traditional financial institutions, enterprises, and even governments. Bitquery’s mission is to enable hassle-free access to blockchain data for everyone. Today, many businesses depend on Bitquery’s data infrastructure. However, building such an infrastructure in a centralized manner stifles innovation that can be achieved through open access to blockchain data. Bitquery is working on a data protocol to solve this problem efficiently, and support more use cases where real-time blockchain data is critical.”

Danny F., Investment Director at Binance Labs, commented:

“Bitquery is a key player in providing innovative on-chain data analytics tools and APIs. Its data solutions have made blockchain data more digestible and accessible to users. Bitquery’s team has a high commitment to what they are doing and they’ve been constantly developing and upgrading their products for the past five years. We look forward to seeing the team further expand its product suites and build out a decentralized network to better support users’ data and infrastructure needs.”

Bitquery will continue “to develop its BIT protocol, a chain-agnostic and real-time data delivery and transformation protocol.”

Rather than storing data inside its own network, the BIT protocol “has connectors for users to ingest blockchain data through their preferred interface.” With the BIT protocol, Bitquery aims “to resolve data accessibility challenges.”

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