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Nansen – a Singapore-based blockchain platform that analyzes on-chain data, wallet labels and blockchain entities – has announced that it has raised $ 75 million. Nansen claims that it combines on-chain data with a proprietary database of activity in more than 100 million blockchain wallets to provide real-time, efficient insights for investors and financial institutions on the expanding blockchain ecosystem.
The announcement was made in a press release on Thursday. The funding comes six months after Round Nansen raised 12 million in Category A funding. The fund was marshalled by Excel with the participation of GIC, Andreessen Horowitz (a16z), Tiger Global, SCB 10X and other leading investors.
‘Actionable Analytics’ for on-chain data
Nansen says it uses quality market intelligence and efficient analysis to help investors and financial institutions make more informed decisions about project discovery, due diligence and trading. The company claims that its analytics technology enables easy detection of complex on-chain data on investors’ money flows and exchange activity, and analyzes emerging trends in DeFi, NFTs and DAO through user-friendly, streamlined visual dashboards.
The company says it analyzes billions of on-chain data points, millions of wallet labels and thousands of entities on leading blockchains like Ethereum, Polygon, Binance Smart Chain (BSC), Fantom, Avalanche, Celo and more.
Introducing a new product line
Alex Svenwick, co-founder and CEO of Nansen, told VentureBeat in an email interview that the company would introduce new product lines, such as the Nansen API and Nansen Query, which would enable institutional clients to programmatically access Nansen’s on-chain data. Svenvik added that the company will continue to expand the platform by adding support for more blockchains and introducing new product features. The protocol teams will be able to publish and access on-chain product analytics through the Nansen ecosystem offering, according to Svenvik.
“We are preparing for a new phase of development, accelerating our international expansion, expanding our data capabilities to support the vast blockchain ecosystem and providing world-class products to global investors to explore the latest crypto trends and make more informed decisions.” Svenvik said.
Svenvik said Nensen would use the extra capital to hire talent in product, engineering, operations, finance, sales and marketing – adding that the company was now in a position to make strategic and complementary acquisitions. According to Svenvik, the funding will also help expand the platform’s features and multichan integration globally.
The company was founded in 2020 by data science expert Svenevic, blockchain data processing expert Lars Krogwig, and large-scale data processing expert Evgeny Medvedev. The company claims to have increased its user base by more than 400% and expanded the team by recruiting more than 55 new team members in 28 countries from the beginning.
Cryptospace has seen an explosion in the past year, with growing interest in new areas such as NFTs and DeFi, said Andre Brasovenu, a partner at Excel. “With transaction information in this space, which is highly divided into various projects, exchanges and chains, there is a huge opportunity for Nansen to become an investor platform for crypto insights and data, providing a reliable, single source of truth. Alex, Evgeny and Lars’ deep experience in both data and crypto, world-class product, and impressive post-establishment traction set the company on an exciting journey ahead. “
Nansen currently has more than 70 employees and says it expects that number to double in the next six months. The company has raised a total of $ 88.2 million so far.
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