TechFlow news, according to The Block, blockchain data infrastructure company Covalent has announced a $5 million strategic funding round led by RockTree Capital. Other investors include CMCC Global, Moonrock Capital, and Double Peak Group. Covalent stated that the funds will be used to expand its operations in Asia and promote adoption of long-term data availability in countries such as China and Singapore.
Ganesh Swami, co-founder of Covalent, said: "This is an important milestone for the Covalent network in delivering long-term data availability to users and developers across Asia." Additionally, Arthur Hayes, founder of BitMEX, joined Covalent as an advisor on June 11 and was compensated with CQT tokens. Covalent's native token CQT is currently trading at $0.17, with a market cap of $123.1 million.
