Blockchain data infrastructure firm Covalent has successfully raised $5 million in strategic funding, led by RockTree Capital. The funding round also saw participation from notable investors including CMCC Global, Moonrock Capital, and Double Peak Group, according to an official release. This financial boost is set to propel Covalent's ambitious plans to expand its reach and enhance its services in Asia.

Covalent specializes in developing infrastructure that allows users to access historical blockchain data, similar to the "Ethereum Wayback Machine." This tool functions much like its web2 counterpart, which archives online web pages. With the new funding, Covalent aims to extend its operations into key Asian markets, specifically targeting countries like China and Singapore. This expansion is part of a broader strategy to promote the adoption of long-term data availability across the region.

The latest funding round brings Covalent's total capital raised to over $20 million, including proceeds from previous token sales. Co-founder Ganesh Swami emphasized the significance of this milestone, stating, “This is a milestone for the Covalent network to deliver Long-Term Data Availability to users and developers in Asia. As blockchain and AI technology advance, Covalent is continuing to innovate and provide the most robust data infrastructure for the global audience.”

In addition to its recent funding success, Covalent has also strengthened its advisory team. Arthur Hayes, the founder of the crypto exchange BitMEX, joined Covalent as an advisor on June 11. Hayes will be compensated with Covalent’s native CQT tokens, as previously reported by The Block.

Covalent has a history of attracting strategic investment. In March 2021, the firm raised $2 million in a funding round led by Hashed Ventures, with additional backing from prominent entities such as Coinbase Ventures, Binance Labs, and Delphi Ventures. These investments have been crucial in supporting Covalent's mission to provide comprehensive and accessible blockchain data solutions.

The company’s native token, CQT, has seen positive market activity. On Wednesday, CQT traded at $0.17, reflecting a 12.67% increase over the previous 24 hours, as reported by The Block Prices. With a market capitalization of $123.1 million, CQT's performance underscores investor confidence in Covalent's long-term vision and capabilities.

Looking ahead, Covalent's focus on expanding into Asia and enhancing its data infrastructure aligns with the growing demand for reliable blockchain data services in the region. As blockchain technology continues to evolve, the need for robust data solutions becomes increasingly critical.