Coinalytics, a blockchain analysis and monitoring platform has raised seed investment of $1.1 million. Founded in 2014, the company has been working on creating a blockchain intelligence platform.
Coinalytics has raised the recent round of investment through The Hive. The Hive is a Palo Alto based tech incubator and investment firm. It is focused on technologies related to deep learning, blockchain, video/imaging and augmented reality. The services offered by Coinalytics is in line with The Hive’s focus areas related to technology as well as the industry sectors of its interest.
Among the services offered by Coinalytics, the company makes real time tracking of activities over the bitcoin blockchain possible. This is a valuable tool for companies and financial institutions to conduct risk assessment of accounts in questions and also ensure compliance to regulations. The application of Coinalytics’ services in fintech sector is invaluable. Incidentally fintech features among the list of industries which The Hive is active in. The list includes Internet of Things, adtech, commerce services, financial services and enterprise solutions.
With the recent funding of $1.1 million, total funding raised by Coinalytics now stands at $1.3 million. Coinalytics has been working on its Blockstem API for a while now. Blockstem API is responsible for monitoring blockchain activities in real-time. The company has already implemented their system to analyze and visualize the blockchain data on various occasions including the collapse of MintPal bitcoin exchange, Silk Road 2.0 etc.
Monitoring transactions on blockchain has a wide range of applications, and it is going to become more prominent due to the introduction of digital currency regulations by governments. Banking and financial institutions are also potential customers for Coinalytics’ services, especially with most of the international banks working on including blockchain technology into their operations.
Coinalytics has recently introduced a new web based platform Jarvis, named after the AI in Marvel Universe’s Iron Man comic series. We can expect Jarvis to watch over the blockchain while catering to the requirements of the industry.
