Blockchain data platform Coinalytics receives $1.1 million in seed funding

Blockchain data platform Coinalytics announced that it has raised $1.1 million in seed funding led by The Hive, a business incubator based in Palo Alto, California.

Coinalytics was founded in April 2014 and is a blockchain data company that provides real-time data intelligence services. The company uses blockchain analysis data to conduct risk assessments for clients in the Bitcoin industry, such as payment processing companies, wallet providers, and trading platforms.

Fabio法比奥•费德里西, CEO of Coinalytics, told CoinDesk:

“What we’re doing is not building infrastructure, but providing a way for bitcoin companies to understand their users.”

“We analyze the inputs of a transaction, the structure of previous transactions, and bring in metadata to determine whether a user is trustworthy.”

Coinalytics originally wanted to provide bitcoin traders with data analysis of bitcoin prices, such as why the price of the currency rises and falls. But later it adjusted its direction. Federici explained that this was an adjustment made by the company based on the direction of market development, and now the market is increasingly interested in blockchain applications.

“Most of the requests were around blockchain technology, and people wanted to learn more about it, so we decided to focus the company on blockchain technology.”

Currently, the company provides APIs (application programming interfaces) and front-end interfaces to customers. Coinalytics said it will use the funds raised in this round to expand the application of its platform in financial services, supply chain management, and the Internet of Things.