Covalent Completes $5 Million Strategic Financing, Led by RockTree Capital

Odaily News Covalent Network (CQT) announced the completion of a $5 million strategic financing to drive market growth in the second half of 2024. The round was led by RockTree Capital, with participation from CMCC Global, Moonrock Capital and Double Peak Group. Covalent Network (CQT) aims to become the leading modular data infrastructure layer, solving two key blockchain challenges: ensuring long-term data availability and providing verifiable structured data for AI through the Ethereum Time Machine (EWM). Covalent Network (CQT) serves more than 3,000 organizations worldwide, providing extensive on-chain data access across more than 225 blockchains for fields such as AI, DeFi and GameFi. Prior to the release of this news, former BitMEX CEO Arthur Hayes announced that he had joined Covalent Network (CQT) as a strategic advisor to help bring long-term data availability and Ethereum Time Machine to decentralized AI. In addition, Covalent Network (CQT) released a comprehensive rebranding as part of the New Dawn plan. This brand upgrade is consistent with core crypto values and is free from the influence of traditional enterprises.