Nansen, a data analytics firm that records money transfers over the Ethereum blockchain, has raised $12 million in Series A funding headed by Andreessen Horowitz, a Silicon Valley venture capital firm (a16z).
The transfer of money between wallets and across the embryonic decentralized finance (DeFi) ecosystem can be tracked since blockchains are public.
Andreessen Horowitz announced last week the opening of its $2.2 billion “Crypto Fund III,” the firm’s largest anticipated investment in crypto to date, with projects ranging from startups to mature businesses. Andreessen Horowitz’s $510 million Crypto Fund II, established in 2020, is claimed to have invested in Nansen, according to Svanevik. The company chose to engage in cryptocurrency and launched its Crypto Fund I in 2018 with a $300 million investment.
“Up to the biggest hedge funds and VC funds,” Svanevik added, Nansen will use the funds raised in this round to expand its team, data platform, and reach additional customers. It will also expand beyond Ethereum, to include Polygon, Optimism, Arbitrum, and Binance Smart Chain, in response to client demand—yet another indicator that DeFi is spreading beyond the Ethereum environment.
Skyfall Ventures, Coinbase Ventures, imToken Ventures, Mechanism Capital, and QCP Capital are among the other investors in Nansen in this round.
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