Elementus raises $10 million to offer institutional clients clear blockchain analytics – Blockchain
Elementus, a New York based Blockchaincompany, has raised $10 million in its Series A-2 funding round led by Web3 VC firm Parafi Capital. The raise, which values the company at $160 million, is intended to enable Elementus to further improve its processes to provide effective and robust blockchain analytics for Web3 companies and government institutions.
Blockchain analytics firm Elementus raises $10 million in lukewarm market
Blockchain firms focused on providing tools to study the Web3 landscape have managed to survive and even thrive during the current market downturn. Elementus, a New York-based blockchain company aiming to disrupt the market by offering Google-like granular analytics for Web3 platforms, has announced in its Series A-2 funding round led by Parafi Capital, a crypto VC firm, raised $10 million, and included participation from Moonshots Capital, Spitfire Ventures, and Colaco Investment Group.
With this investment, Elementus reaches a valuation of US$160 million, significant growth since October 2021 when the company raised US$12 million at a valuation of US$52 million. This funding round, led by Velvet Sea Ventures, involved Alameda Research and Blockfi, two companies currently embroiled in bankruptcy proceedings.
Funds raised will be used to build the infrastructure needed to make blockchain analytics more accessible to Web3 institutions through hiring and new product development processes.
Meaning of Blockchain Analytics
The events of the past year, including the demise of FTX, the cryptocurrency exchange, and the rise of Web3 hacks, have brought the usefulness of effective blockchain surveillance systems into the spotlight. Max Galka, CEO of Elementus, believes systems like the company’s can work together for institutions to rebuild trust in blockchain companies. In a PR publication, Galka stated:
The past year has spotlighted the tremendous importance of understandability, audibility, and transparency in blockchains. As the broader crypto industry attempts to emerge from a difficult year, it will be critical to do so in a manner that promotes trust, reliability, and security among both users and businesses operating in this nascent market .
The company was chosen to appear as part of two high-profile crypto legal cases. Elementus’ services are currently being used by unsecured creditors to conduct forensic investigations related to Celsius and Blockfi, two cryptocurrency lenders that filed for bankruptcy protection last year.
What do you think of Elementus and its recent funding round? Tell us in the comment section below.
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Source: Crypto News Deutsch
