Digital Asset data company Amberdata raises Series A funding led by Citi
Amberdata, the digital asset data startup, has announced that it has raised $15 million in its Series A funding that was led by Citi and involved other investors like Franklin Templeton, Galaxy Digital, and others.
The company collects data across a variety of blockchain networks and gives this data in a neatly packaged and customized form to its institutional clients. The company says that it analyses data from 8 million blockchain transactions daily and the data supplied by it is used for research, trading, risk management, and data analytics by its clients. The client can also integrate this data into their own platforms easily through APIs that the company provides.
“Partnering with the exceptional group of strategic investors gives us unprecedented insights into institutions’ roadmap and challenges,” said Shawn Douglass, CEO at Amberdata. “Blockchain technology enables entirely new financial products to be created and offered at a much lower cost with global market reach. We see growing institutional interest and demand in crypto assets. Our customer list and investors are a stamp of approval for the value we are creating for institutions.”
Data analytics is key in the trading world and irrespective of whether it is stocks or FX or crypto, data collection and analysis is a field that will always be around as it helps feed the hunger of trading teams and hedge funds for as much data as possible to ensure that they stay on top of the market and exploit any minor loopholes or discrepancies that they can find in the market. The amount of data devoured by institutions are now several-fold when compared to about a decade ago and with algos dominating all the markets at this time, the need for data is even more now than ever before. The fact that Citi has invested in a data startup that specializes in digital assets has indeed raised many eyebrows.
“Amberdata has a unique approach and an extensive offering that transforms complex data into easy-to-use information,” said Itay Tuchman, Global Head of Foreign Exchange at Citi. “They have been great partners to collaborate with and helped us to utilize data much faster than expected.”
It just goes to show that cryptos are here to stay as a trading ecosystem and many big players like Citi have realized that and have joined the race for trading and also data hunting in this ecosystem.