NFT-focused blockchain startup bitsCrunch has completed its private funding round, raising $3.6 million from a consortium of venture capital firms and angel investors.
Led by Animoca Brands, bitsCrunch’s highly successful funding round witnessed significant participation from some of the most prominent firms like Coinbase Ventures, Crypto.com Capital, Polygon Studios, Borderless Capital, Bison Funds, Mapleblock, Morning Star Ventures, Shima Capital, GravityX, Thykeblock Ventures, and Spark Digital Capital.
Angel investors from Ex-CxO Huobi, CxOs of Biconomy, Frontier, and experts from JP Morgan, Goldman Sachs, and Facebook have also backed the project.
bitsCrunch is revolutionizing the evolving NFT ecosystem through its diverse range of products and services. The platform aims to overcome the issues plaguing this multi-billion-dollar industry by addressing critical concerns, including asset forgery, unfair valuation of assets, wash trading, and unavailability of reliable information, among others.
Lead investor Animoca Brands is fully optimistic about bitsCrunch. According to Yat Siu, executive chairman and co-founder of Animoca Brands, “With the increasing number of non-fungible digital assets in circulation and the rise in NFT marketplaces, bitsCrunch has the potential to contribute meaningfully to the safety and security of the emerging open metaverse.”
To put a stop to fraudulent activities and make the NFT ecosystem more transparent and reliable, bitsCrunch currently offers AI–powered solutions, including a Wash Trading detection tool and an NFT Analytics Dashboard.
The platform is also developing two more products, one of which is called Liquify — Fair Price Estimator, designed to help users ascertain the fair price of any NFT, and a Digital Asset Forgery Detection System to prevent forgeries.
bitsCrunch’s solutions aren’t limited to any single blockchain platform. All of its products work seamlessly across Ethereum, Polygon, Polkadot, and Avalanche blockchains. The fresh capital injection will be utilized to expand the bitsCrunch team so the platform can focus on expanding its services across other prominent blockchains.
On the highly successful funding round, Vijay Pravin, founder and CEO of bitsCrunch, notes, “We are glad to be backed by some of the best-in-class investors like Animoca Brands, Coinbase Ventures, Crypto.com Capital, Polygon Studios and other leaders in the blockchain industry.”
Download the TipRanks mobile app now
To find good ideas for stocks trading at attractive valuations, visit TipRanks’ Best Stocks to Buy, a newly launched tool that unites all of TipRanks’ equity insights.
Read full Disclaimer & Disclosure
