NEW YORK, 6 February 2023 – Web3 company Elementus announced a USD 10 million Series A-2 funding round led by ParaFi Capital, a crypto-native investment and technology firm that has led early-stage rounds in dozens of blockchain companies. ParaFi Capital’s platform for blockchain data intelligence helps forward-thinking, data-driven organizations of all sizes to leverage the power of blockchain.
Following a USD 12 million raise in late 2021, the investment brings Elementus’ total funding to USD 27 million. It also coincides with a growing demand for more transparency across blockchain-based businesses in the wake of a year marked by several high-profile collapses in the broader cryptocurrency landscape.
Founded in 2018, the investing and technology company ParaFi specializes in a token, venture, and quantitative strategies. As one of the first and most prominent institutional investors in the field, ParaFi has supported many ground-breaking inventors and protocols in the area. It takes a highly technical approach to invest by utilizing the infrastructure and protocols it invests in. After a productive year despite weak markets, it invested in Elementus.
Ryan Navi, principal at ParaFi Capital, stated that:
“Despite recent industry headwinds, we continue to see unparalleled innovation within the blockchain space—and we’re only scratching the surface of the transformational impact this technology will have on legacy business models and the global economy.” “We think there are huge prospects for value creation at the data and infrastructure layer of blockchain, where platforms will not only increase the accessibility and transparency of blockchain data but also generate new knowledge and business opportunities for users. We think this area of the blockchain ecosystem will be widely adopted and contribute significantly to the next stage of growth.”
Financial institutions are using Elementus’ blockchain intelligence platform to lay the foundation for the future of finance and commerce using blockchain technology and digital currencies. Major U.S. government agencies are using it to solve some of the most high-profile ransomware investigations. Its platform offers the most comprehensive data set and sophisticated tagging/attribution capabilities on the market, resulting in the actionable insights businesses need to grow and prosper safely in a web3 world. It also enables investigation of on-chain activities, identifying risk, and discovering valuable market intelligence. Financial services and cryptocurrency exchanges may use blockchain data strategically and with the utmost assurance thanks to Elementus’ data-first core and unique algorithms, which provide a comprehensive perspective into the movement of money at the most granular level.
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