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In a significant development, CryptoQuant, a renowned on-chain data provider and market analysis platform, has successfully concluded its Series A funding round, securing an additional 8.5 billion KRW ($6.5 million). This latest injection of funds elevates CryptoQuant’s total raised capital to an impressive 12 billion KRW ($9 million), marking a significant milestone for the company. 
Atinum Investment led the funding round with IMM Investment, SK, Bass Investment, and HillSpring Investment contributions. Atinum has emphasized the crucial role of CryptoQuant’s infrastructure in facilitating the entry of traditional financial institutions into the global digital asset market. The firm anticipates rapid growth in this space, particularly in the wake of recent incidents involving Luna and FTX, where the significance of on-chain data has become increasingly apparent. 
The surge of institutional interest in Bitcoin has been making waves, with BlackRock’s application for a Bitcoin spot ETF in the United States last month acting as a catalyst. This move propelled Bitcoin’s price and market dominance and inspired other financial institutions, including Fidelity, to emulate its strategies. 
CryptoQuant’s data is already highly regarded by prominent financial outlets such as Bloomberg, CNBC, and CryptoPotato. The platform’s on-chain data has played a crucial role in enabling clients and investors to identify early warning signs of market trends, including Terra’s (LUNA’s) death spiral in 2022. Moreover, it continues to provide valuable insights into investor sentiment, miner behavior, and Bitcoin’s price movements. 
Currently serving over 200 institutional customers, CryptoQuant solidified its position in the industry through a partnership with the Chicago Mercantile Exchange (CME) last year. 
With the newly acquired funds, Team Blackbird, the creative force behind CryptoQuant since its establishment in 2019, plans to focus on business development and recruitment across various domains, including development, planning, marketing, and HR. Team Blackbird’s CEO, Joo Gi-Young, highlighted the platform’s commitment to redefining investment methodologies for digital assets and establishing evaluation criteria based on accurate data. 
In a previous conversation with CryptoPotato in April, CryptoQuant representatives revealed that institutional investors were gearing up to allocate more significant portions of their portfolios to Bitcoin in the second half of 2023. Hochan Chung, the company’s Head of Marketing, even suggested that Bitcoin may surpass its peak of $69,000 by Q2 2024. 
However, Chung recently cautioned against expecting the upcoming halving event to impact price appreciation significantly. He pointed out that the halving’s influence on Bitcoin’s value has diminished as the new supply limit decreases significantly. 
CryptoQuant’s successful funding round is a testament to the growing demand for reliable on-chain data and reaffirms the company’s position as a key player in the digital asset market. With the backing of prominent investors, CryptoQuant is well-positioned to continue delivering valuable insights and shaping the future of investment strategies in the rapidly evolving crypto landscape. 
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CryptoQuant Raises Another $6.5 Million In Series A

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