Covalent secures $5 million in strategic funding led by RockTree Capital

Blockchain data infrastructure company Covalent announced a $5 million strategic financing round led by RockTree Capital, with other investors including CMCC Global, Moonrock Capital, and Double Peak Group. The funding will be used to expand its operations in Asia and drive long-term data availability adoption in countries like China and Singapore. Covalent co-founder Ganesh Swami described this as a significant milestone in providing long-term data availability for users and developers in Asia. Additionally, BitMEX founder Arthur Hayes joined Covalent as an advisor on June 11 and received $CQT tokens as compensation. Covalent's native token $CQT is currently trading at $0.17 with a market capitalization of $123.10 million.