BitsCrunch Raises $3.6M Funding For NFT Tools
Very recent news of the phishing attack against OpenSea broke out, stating more than 80 percent of NFTs created on their platform are fraudulent. Presently, one tech startup has attempted to fulfill the objective to safeguard NFT projects and the NFT ecosystem.
Introducing bitsCrunch, a Blockchain analytics startup located in Munich, Germany focuses mainly on offering security services using AI-based tools (artificial intelligence) to safeguard the NFT ecosystem. bitsCrunch’s analytics and security tools offer NFT insights to safeguard NFT assets post the $3.6 million funding they received from leading firms.
bitsCrunch, founded by CEO Vijay Pravin, assists individuals in making financial decisions based on NFTs, allowing them to determine which NFTs to buy and, more significantly, which not to buy. bitsCrunch also has operations in India. In a statement, the CEO remarked,
“We are glad to be backed by some of the best-in-class investors and leaders in the blockchain industry.”
Besides Animoca, Coinbase, Crypto.com, and Polygon Studios, ventures like 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 also invested in the $3.6 million funding.
Additionally, the crypto space experts like JP Morgan, Goldman Sachs, and Facebook backed the project as well. Today, bitsCrunch CEO said that his company currently supports NFTs on Ethereum, Polygon (MATIC), and Avalanche (AVAX). However, the funds are required to:
In a tweet posted on February 24, 2022, bitsCrunch indicated that it thinks the additional improvements would make the 'entire ecosystem more trustworthy & safe for the community.'
Animoca Brands, the round's lead investor, has been one of the most active venture capital companies in the NFT market. It was valued at $5 billion last month as a result of the degree of profit in its investment portfolio, which includes Axie Infinity, The Sandbox, and several other NFT-based ventures.
In a Feb. 25 statement, Animoca co-founder Yat Siu claimed that bitsCrunch is in an excellent position to help investors in making educated investment decisions. Additionally, Yat Siu said,
“It (bitsCrunch) can contribute meaningfully to the safety and security of the emerging open metaverse.”
The amount of money generated for NFT projects in the last 30 days demonstrates that there is still a substantial desire for development in the sector. According to the cryptocurrency fundraising tracker Airtable, at least 27 additional NFT projects have raised a total of $251 million since January 25.
Despite the fact that the all-time top NFT marketplace, OpenSea, has suffered from lower trading activity, interest in the asset class has not waned. Because of reduced costs and higher rewards for investors, much of the trading volume for Ethereum's most popular asset other than ETH appears to have transferred from OpenSea to the LooksRare marketplace.