Nansen Closes $12M Series A Lead by a16z
Nansen, the DeFi-focused cryptocurrency tracker, announced a $12 Million Series A last week lead by a16z. Additional notable venture firms, including Skyfall Ventures, Coinbase Ventures, QCP Capital, and more, participated in the round.
Crypto tracking has seen significant growth since the boom in decentralized finance (DeFi). Recently, companies like Chainalysis, CipherTrace, and TRM Labs have all raised major rounds. However, top-tier blockchain analytics have often been considered a tool for the government, regulators, tax authorities, and legal enforcement. Nansen&39s CEO, Alex Svanevik, believes that "the actual market participants, should have access to the best on-chain analytics as well."
Enter Nansen, an analytics platform for blockchain, that combines on-chain data with a massive and constantly growing database containing millions of wallet labels. "Nansen&39s high-quality data enables investors to follow where the smart money is moving, where influential investors are taking positions as well as for discovering new projects to invest and perform due diligence," Says Svanevik.
The start-up currently analyzes over 90 million Ethereum wallets & their activity. Users access the data & tools through a monthly membership package that is designed to help retail traders in addition to a pricey $2,500 monthly package for more bespoke clients. Although there was no explicit talk about what the fresh capital would be used for, the company will likely scale its offerings and look to expand to multiple chains.
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