Emerging blockchain analytics company bitsCrunch raises Rs 5.5 crore

Germany-based bitsCrunch, has raised Rs 5.5 crore in its seed round from the Covalent, Double Peak, GenBlock Capital, Ledger Prime, MEXC Global and Synaps.

Although it is based out of Germany, most of its employees work out of Chennai.

bitsCrunch aims to safeguard the Non-fungible Token (NFT) ecosystem by tackling issues like forgeries, wash-trading, and inefficient asset valuation.

“We believe that blending a proven technology like Artificial Intelligence (AI) with Blockchain technology can make wonders and makes the ecosystem more safer and reliable. We would like to put back the trust among people who still has some concerns over the technology,” Saravanan Jaichandaran, bitsCrunch, Cofounder & Chief Data Scientist said.

The funds will be used for speeding up the production and expand to other blockchains.