Amberdata Raises $30M in Series, Web3 Transforming Traditional Finance and Coinbase NFT for TechCrunch
amberdata series 330m: Amberdata, a provider of digital asset data with a focus on institutions, has raised $30 million in its Series B round of funding.
The company has raised a total of $47 million to date, including its seed round worth $2 million and Series A round costing $15 million, and is currently valued at $330 million.
Who is Amberdata?
A blockchain data platform called Amberdata.io offers cryptocurrency and decentralized application users real-time monitoring, analysis, and insights (dApps). Developers, investors, and academics can access and analyze data about blockchain networks and decentralized apps using the platform’s array of tools and APIs.
The platform gives users access to real-time information on a variety of blockchain networks, including Ethereum, Bitcoin, and Binance Smart Chain, regarding transactions, block confirmations, gas pricing, and network activity. This information can be used to track transaction volumes and keep track of network performance. This also includes spot patterns and oddities in network usage.
Amberdata.io offers insights and analytics for decentralized applications in addition to network data (dApps). They comprise information on usage stats, smart contract activity, and token economics. For a variety of dApps, including lending services, gaming apps, and decentralized exchanges (DEXs). Developers can use this information to improve their dApps, and investors can also use it to find lucrative investment possibilities. That is in the rapidly expanding decentralized finance (DeFi) sector. amberdata series 330m
Developers can use a variety of tools and APIs provided by Amberdata.io to create applications and services that are built on top of blockchain networks. They consist of a blockchain explorer, a transaction tracing tool, and a smart contract debugger. The Amberdata.io APIs can be used by programmers to create original applications that interact with blockchain networks.
What is Web3?
The next stage of the internet’s development, known as Web3, will see the web become more decentralized and user-centric. It alludes to a new wave of internet programs based on blockchain technology. This gives users more privacy, security, and also control over their personal data.
Users have minimal control over their data on Web2, the current version of the internet, which is largely under the authority of a few powerful corporations. On the other side, Web3 promises to build a more open and decentralized web where users may control their data and communicate more directly and securely with each other and with applications.
Blockchain technology is used by Web3 applications to support decentralized storage, identity verification, and smart contracts. This enables the development of decentralized applications (dApps). It can operate on a peer-to-peer network and are not under the control of a single body.
The usage of cryptocurrencies as a medium of exchange within decentralized applications is one of the key components of Web 3. Without the use of middlemen or third-party payment processors, this enables secure and open transactions.
The goal of Web3 is to make the web more centered on the user. amberdata series 330m Which gives them more control over their data and also more say in how it is used. Decentralized identity systems, allow users to keep and control their personal data and only share it with the applications. Including services they select, are used to accomplish this.
Amberdata (Currently valued at $330M) Raises $30M in Series, Web3 Transforming Traditional Finance and Coinbase NFT:
We made the decision to raise money now because, according to ShawnDouglass (CEO). “There is a limitless possibility to go out and provide the infrastructure that enables all institutions to onboard digital assets.” We have grown so much in the last year.
Amberdata has agreements in place in the United States, United Kingdom, Central America, Singapore, and also Australia. It aims to expand globally. The money will be used to develop additional product lines.
Amberdata delivers data and insights about blockchain to some of the biggest financial and digital asset institutions. Including Citi, Coinbase, Nasdaq, and Franklin Templeton, among others, networks, cryptocurrency exchanges, and decentralized finance as its name implies.
If you stop to think about it, digital assets will affect every organization and individual on the planet as well as revolutionize finance. We must accept that Douglass added, you need data and insights.
Who were the Investors?
Chicago Trading Company, Nexo, Coinbase, Innovius, Nasdaq Ventures, and Susquehanna International Group are among the investors in the round. It was led by Knollwood Investment Advisors. Prior investors Citi, Franklin Templeton, Aspenwood Ventures, Rovida Kruptos Assets, and Boldstart Ventures also participated in the round.
There were many high expectations for institutions and businesses to enter the market when Amberdata was introduced in 2017, but they didn’t, according to Douglass.
Views of The Investors
Every bank and trading company in the world today is embracing digital assets because they understand that if they don’t. They will become irrelevant, according to Douglass. There is a tsunami of adoption as a result, and we assist them by reducing their time to market and enabling them to make wise, data-driven decisions.
“But, what’s most crucial now? Eliot Durbin, the general partner at Boldstart Ventures and investor in Amberdata’s capital raising, asked, “What’s going on in the market?” amberdata series 330m
“We’ll see more money in this market in the next three years than managed to date,” Durbin said. This is because institutions are stepping up and preparing to do so right now.
Durbin stated that he thinks the top five banks will own cryptocurrency very soon and will require this institutional data to navigate the market, even though the exact time frame is uncertain.
Banks and other significant institutions will join, and they will require data to handle their accounting, treasury management, taxes, and other compliance-related tasks, according to Durbin.
According to Douglass, a paradigm change is taking place in the market. That is fundamentally altering the structure of the whole financial services industry. According to him, financial solutions are being developed. To foster openness and transparency and to operate around the clock for accessibility.
Every bank, exchange, and financial services company, as well as every insurance company and regulator. Have all taken notice of this, according to Douglass. “They all need data to make critical decisions, and we also give them a thorough overview of the entire crypto ecosystem,” the author says.