Crypto Tracking Firm Raises $12 Million in a Series A Funding Round

 • Skyfall Ventures, Coinbase Ventures, imToken Ventures, Mechanism Capital and QCP Capital were among the few other participating firms. 

 • Nansen always believed in people on the ground floor of crypto, the actual market participants must also have an access to the best on-chain analytics. 

 • As per the CEO, the company has been successful in labelling around 90 million wallets which constitutes 70% of the total DeFi volume. 

Nansen is a DeFi crypto wallet tracer. As per its official website, Nansen has already analysed over 90 million labeled Ethereum wallets and their activity.  Its main aim is to enable its users to separate the signal from the noise in blockchain data. Renowned crypto firms like Aave, Polychain Capital, Akropolis have also testified to Nansen’s service as a crypto tracer. In a recent Series A funding round led by Andreessen Horowitz (a16z), Nansen raised a massive $12 million. Skyfall Ventures, Coinbase Ventures, imToken Ventures, Mechanism Capital and QCP Capital were among the few other participating firms. 

Blockchain Analytics are Closely Related to Regulators and Law Enforcement

Crypto tracking in itself has become a profitable sub-division of the crypto sector. Over the last few weeks this part of the crypto space has seen major funding rounds for Chainalysis, CipherTrace and TRM Labs. However, the crypto analytics sector is often known for its deep involvement with regulators and law enforcement. However for this Singapore-based crypto tracing firm things are slightly different. Nansen’s CEO Alex Svanevik says that blockchain analytics is closely connected with law enforcement, government agencies, tax authorities and so on. 

Due to Heightening DeFi Growth, Crypto Tracking has Become Bigger Than Before

But Nansen’s philosophy has been a bit different. They have always believed in people on the ground floor of crypto, the actual market participants must also have access to the best on-chain analytics in the world. The exponential growth of the DeFi ecosystem has also enabled the company’s ability to track flows of money between different smart contracts or determining the best platform for yield farming. As per the CEO, the company has been successful in labelling around 90 million wallets which constitutes 70% of the total DeFi volume. 

a16z General Partner Chris Dixon in a statement said that crypto opens the door for all kinds of participants including traders and collectors of all kinds – retail novices, institutional professionals, independent experts and more. Hence, they will want to know more about what digital assets are doing across all platforms which results in the crypto tracking boom. Major blockchain analytics firms like Elliptic and CipherTrace are proficient at tracking fund flows through decentralized exchanges and DeFi pools. However, Nansen isn’t keen on risk scoring per se but its service surely allows the users to make up their mind. 

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