The multichain NFT tracking and security platform has secured "an oversubscribed private token round" by some of the largest players in the blockchain industry.
With NFTs becoming an asset of interest for several crypto exchanges, platforms that offer NFT data and safekeeping tools play a huge role in protecting investors from getting scammed or purchasing counterfeit assets.
According to a Twitter announcement by bitsCrunch, the NFT platform raised $3.6 million via an "oversubscribed token round", meaning that the firm essentially secured more funds than they initially were asking for.
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The funding round was led by one of the largest investors in the blockchain industry Animoca Brands, with additional support from Coinbase Ventures, Crypto.com, Polygon Studios, and other investors.
Based on the post, the analytics platform will use the funds to further develop their NFT "purchasing decisions" that will help investors choose the right digital asset. Likewise, bitsCrunch will be adding more team members to the mix in order to make the ecosystem “more trustworthy & secure for the community.”
The project’s whitepaper suggests that bitsCrunch will firstly focus on launching its NFT data analytics product Unleash NFTs. Later on, the team will focus on NFT security products including Scour (detects spoofed transactions and market manipulation) and Liquify Beta (shows live digital asset prices). Tokens will be launched in the second quarter of the year.
The Executive Chairman and Co-founder of Animoca Brands Yat Siu spoke on the investment into bitsCrunch, highlighting the importance of security in the digital asset environment. He stated:
"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."
bitsCrunch will be looking to make its entrance into the metaverse in the third quarter of 2022, and, at the end of the year, the team expects to fully release all the NFT data products including a digital asset forgery detection system Crunch Davinci.
