Feeling sour on cybercurrencies? Coinalytics now has one million more reasons why you should be a blockchain—if not Bitcoin—believer.
The Palo Alto-based blockchain-analytics specialist has raised $1.1 million in seed funding from The Hive. The Hive is an incubator that specializes in working with companies that develop technologies for “data-intensive enterprises.” And these days, when you hear “data-intensive,” think blockchain. According to Fabio Federici, Coinalytics CEO, technologies like those built by his company will play a major role in “break(ing) down a significant barrier for mainstream adoption of the blockchain.”
Coinalytics has developed a platform that helps businesses gain valuable intelligence, analytics, and risk assessment from the blockchain. The platform relies on advanced machine learning, pattern recognition, and distributed systems, providing businesses in industries ranging from online payments to financial services with real-time transaction information that is both secure and private.
The investment takes the company’s total capital to $1.3 million raised in three rounds.
While blockchain is synonymous with Bitcoin for many, Federici pointed out that the virtues of the blockchain extend beyond Bitcoin, potentially to any instance where value is exchanged, including not only financial services, but also supply-chain management and the internet of things.
Founded in 2014, Coinalytics will use the new capital to drive growth, including building out technology and sales teams. Coinalytics will make its FinDEVr debut next month in San Francisco.
Finanteq
