“I think in a few years, you will be another Snowflake…”
That’s the sheer potential of this young and relentless Vancouver-based big data startup which just raised $3.1M USD in funding in an oversubscribed round to build the future of blockchain data analytics.
I initially met Ganesh Swami a few years ago at a blockchain panel event I was speaking at and he wasn’t shy about asking tough questions around the nascent technology’s use cases and product-market fit. He was a database savant with the ability to dive deep into the tech stack like few I’ve ever met, and yet speak intelligently at the business level about the value proposition of data utility and transparency through indexing billions of blockchain transaction details. We agreed to keep in touch and went about working on our respective projects.
Over the past few years we saw blockchain projects come and go with no shortage of failures through a seemingly endless ‘crypto winter’. Then over the course of this summer, the decentralized finance (DeFi) boom took over. And by took over, I mean exploded. I connected back with Ganesh only a few weeks ago and saw they were at the forefront of the DeFi movement and was simply blown away by the number of DeFi protocols, exchanges, tax vendors, institutional validators, and digital wallet projects powered by Covalent’s data.
All I could ask was, “How can I help??”
My last two years exploring the blockchain space has been focused on building tools to make blockchain technology accessible beyond specialized developers. Covalent shares a similar focus and unlocks the potential of public blockchain data to broader audiences by making that data accessible and very simple to query. I’m excited by the potential of this rich data to energize and empower our diverse and creative developer communities, which is key for educating and growing the ecosystem. Like Snowflake, Covalent operates in a fragmented market but has also shown nearly flawless execution, scaling revenue and top-tier customers who commit for the long term. I see every company with public and private digital assets on their balance sheet benefit from using Covalent. I see the Fintech and DeFi spaces merging. And that’s a massive market opportunity.
Thank you Ganesh and co. for the opportunity and look forward to this adventure!
Covalent provides a unified API to bring full transparency and visibility to assets across all blockchain networks. Covalent’s proprietary technology enables a “no-code” solution that solves a vast array of use-cases for wallets, exchanges, custodians and taxation amongst others. The API allows easy access to data that is normalized, unified and granular.