Stripe’s data partner Allium raises $16.5m to offer launchpads for financial institutions

by

As a seasoned researcher with a background in blockchain technology and startup financing, I find Allium’s Series A funding round announcement to be particularly intriguing. With my experience in analyzing market trends and following industry developments, I’ve come across numerous challenges faced by enterprises looking to query data from multiple blockchains. The complexity and sheer volume of data make it a daunting task for many businesses.

Allium, a company that provides blockchain data, has raised $16.5 million in its Series A financing, with Theory Ventures spearheading the investment.

Startup Allium, which helps businesses access blockchain information through a database, has secured $16.5 million in their Series A financing for enhancing their underlying technology.

As a crypto investor, I’m excited to share that on a Thursday announcement, the New York-based firm Allium revealed they had secured a new funding round, led by Theory Ventures, bringing their total capital raised up to $21.5 million. Alongside Theory Ventures, we also have the backing of Kleiner Perkins and Amplify Partners. In connection with this investment, Tomasz Tunguz, founder of Theory Ventures, will be joining Allium’s esteemed board of directors. Regrettably, the company’s valuation following this funding round remains a closely guarded secret.

Established in 2019, Allium boasts significant backing from prominent industry names like Stripe, Visa, Uniswap Foundation, and Phantom. This company empowers businesses by enabling them to access data from over 40 blockchains using more than 100 different schemas.

As a blockchain analyst, I can empathize with the challenge startups face when attempting to make sense of the vast and intricate data generated by multiple blockchains. The sheer volume and complexity of this information can be overwhelming, making it a time-consuming and technically demanding task to comprehend and report on blockchain activity. This is where Allium comes in, as co-founder and head Ethan Chan explains their mission: to simplify data normalization across various blockchains and process massive amounts of smart contracts resulting in petabytes of data.

Allium intends to utilize the newly raised funds to enlarge its data foundation and intensify its market entry strategy. This will enable Allium to provide platforms for financial institutions aiming to incorporate digital assets, along with payment services, brokerages, and blockchain developers in their offerings.

Read More

2024-07-18 16:50