Coinalytics has secured $1.1 million in seed funding from The Hive, an incubator for technology startups.
Coinalytics is a startup that creates tools to gain deep, sophisticated insights into blockchain data. It has also focused on fraud detection and compliance, reportedly garnering the interest of several companies looking to use its tools.
The funding will go towards building the startup’s sales team and other growth areas.
Fabio Federici, CEO of Coinalytics, suggested that the availability of advanced data analytics and intelligence for Bitcoin technology is a key step in the blockchain’s evolution. He commented:
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“The maturation of a market is often defined by its ability to provide analysis and insight on transactions and developments. Our platform offers enterprises a real-time ability to convert information into action that will break down a significant barrier for mainstream adoption of the blockchain.”
Coinalytics was originally geared toward tracking bitcoin as currency. For example, it previously demonstrated how its solution can track the funds flowing to and from Moolah, which defrauded altcoin exchange MintPal and then disappeared.
Coinalytics has since recognized the growing shift toward blockchain technology, which is now envisioned to support much more than bitcoin currency. In a press release, bitcoin is specified as only one example of a blockchain transaction that can be analyzed.
With the funding, the startup also said that it has unveiled a “data science layer for the blockchain”, which “applies advanced machine learning and distributed systems to cryptographic platforms, enabling enterprises in a variety of industries like online payments, financial services and decentralized applications to make smart decisions in real-time, while maintaining data privacy and trust.”