CryptoQuant – an on-chain data provider and market analysis platform – announced its completion of a Series A funding round on Thursday for an additional 8.5 billion KRW ($6.5 million).

The raise brings CryptoQuant’s total raised funds up to 12 billion KRW ($9 million).

CryptoQuant’s Global Recruitment Plans

CryptoQuant’s funding was led by Atinum Investment with added help from IMM Investment, SK, Bass Investment, and HillSpring Investment. According to the former, CryptoQuant’s infrastructure will be necessary for traditional financial institutions entering the digital asset market around the world.

“Given the growing importance of on-chain data following the Luna and FTX incidents, we expect rapid growth in the global market,” said Atinum in a press release shared with CryptoPotato.

Institutional interest in Bitcoin has been all the rage since last month when BlackRock filed its first application for a Bitcoin spot ETF in the United States. The move hasn’t only sent Bitcoin’s price and market dominance booming but also motivated other financial institutions – like Fidelity – to copy its every move.

CryptoQuant’s data is already referenced by prominent financial outlets including Bloomberg and CNBC, as well as CryptoPotato. The firm’s on-chain data helped its clients and investors identify early warning signs of Terra (LUNA’s) death spiral in 2022, and continues to provide insights into investor sentiment, miner behavior, and Bitcoin’s price.

The company currently services over 200 institutional customers, including a partnership with the Chicago Mercantile Exchange (CME) formed last year.

Team Blackbird – the firm that founded CryptoQuant in 2019 – plans to use its new funds for business development and recruitment across multiple fields, including “development, planning, marketing, and HR.”

“CryptoQuant’s main value lies in proving that it is possible to redefine investment methodologies for digital assets and establish criteria for evaluating asset value based on accurate data,” stated Team Blackbird CEO Joo Gi-Young.

Where’s Bitcoin Heading Next?

Speaking to CryptoPotato in April, representatives from CryptoQuant mentioned that institutional investors were planning to start allocating more heavily to Bitcoin in the second half of 2023. At the time, the firm’s Head of Marketing Hochan Chung suggested that the asset may surpass its previous $69,000 high by Q2 2024.

In shared comments last month, however, Chung said he does not necessarily expect the halving itself to be a major catalyst for price appreciation. “The halving impact on the Bitcoin price is decreasing as the new supply limit decreases significantly,” he said.