The ‘NFT ecosystem protector’ firm bitsCrunch announced that it has raised $3.6 million in an oversubscribed private token round led by Animoca Brands, with participation from Coinbase Ventures, Crypto.com Capital, and Polygon Studios.
In Brief:
- bitsCrunch has raised private funding of $3.6M in an oversubscribed round led by Animoca Brands.
- The proceeds will be used on securing blockchains like Solana, Polkadot, Algoran.
- Plans also include having dedicated teams for their securing services like Scour, Liquify and Crunch DaVinci.
Borderless Capital, Bison Funds, Mapleblock, Morning Star Ventures, Shima Capital, GravityX, Thykeblock Ventures, and Spark Digital Capital were among those who took part in the round.
Ex-CXO Huobi, CXOs of Biconomy and Frontier, as well as experts from JP Morgan, Goldman Sachs, and Facebook, all contributed to the project’s success.
What’s interesting about this?
We are aware that the number of NFT fraud cases is increasing as the popularity of NFT grows. Hackers and fraudsters have targeted NFT projects, stealing NFTs worth millions of dollars.
Now, bitsCrunch is a Blockchain analytics startup that focuses on providing secure services through the use of AI to protect the NFT ecosystem. It assists people in making purchasing decisions on NFTs, allowing them to choose which NFTs to buy and especially which to avoid.
The proceeds of the funding will be used to expand the team, which will focus on securing many prominent blockchains. bitsCrunch currently supports NFTs on Ethereum, Polygon, and Avalanche. They also intend to have dedicated teams for their securing services such as Scour, Liquify, and Crunch DaVinci.
bitsCrunch’s analytics and security tools deliver actionable NFT insights to protect NFT assets, create models to calculate the true value of assets and protect from digital art forgery.
“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,” said Yat Siu, Executive Chairman and Co-Founder of Animoca Brands.
The round’s lead investor, Animoca Brands, has been one of the most prolific VC firms investing in the NFT space, with a portfolio of over 150 investments in NFT-related companies and decentralized projects. It has also recently partnered with BAYC to launch a blockchain-based play-to-earn NFT game.
