Blockchain companies focusing on offering tools for analyzing the Web3 ecosystem have survived and even thrived throughout the current market downturn.
Elementus, a New York-based blockchain company that seeks to disrupt the market by introducing Google-like granular analytics to Web3 platforms, has secured $10 million in a Series A-2 funding round headed by Parafi Capital and with participation from Moonshots Capital, Spitfire Ventures, and Colaco Investment Group.
With this investment, Elementus has reached a valuation of $160 million, a significant increase from October 2021, when the business acquired $12 million at a valuation of $52 million.
That funding round, sponsored by Velvet Sea Ventures, included Alameda Research and Blockfi, both of whom are currently in bankruptcy proceedings.
Through recruiting and new product development procedures, the monies generated will be utilized to continue building the infrastructure required to make blockchain analytics more accessible to Web3 institutions.
The events of last year, such as the demise of FTX, the cryptocurrency exchange, and the increase of Web3 hacks, have highlighted the importance of good blockchain monitoring systems.
Max Galka, CEO of Elementus, believes that technologies like those provided by the business may work together to help institutions regain trust in blockchain companies. According to a press statement.
Galka noted that the recent year has shown the critical relevance of blockchain knowledge, audibility, and transparency.
As the crypto sector as a whole attempts to recover from a difficult year, it will be vital to do so in a way that fosters confidence, reliability, and security among both users and businesses working in this still-nascent field.
The firm has been chosen to represent two high-profile cryptocurrency court disputes. Unsecured creditors are currently using Elementus’ services to do forensic audits on Celsius and Blockfi, two bitcoin lenders that filed for bankruptcy protection last year.
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