Subsquid, a prominent Web3 data access layer, has successfully raised $17.5 million in funding and forged a collaboration with Google, setting the stage for its highly anticipated token launch, as reported to Finbold on May 16.

The financial boost will support the development of Subsquid's cutting-edge data indexing technology, aiming to revolutionize blockchain data accessibility.

Subsquid's Integration with Google BigQuery

A significant aspect of this development is Subsquid's integration with Google BigQuery. By incorporating its software development kit with Google's powerful data analytics platform, Subsquid offers developers new capabilities to analyze blockchain data. This marks a significant advancement, providing enterprises and big data analysts with a robust and reliable blockchain data source.

Successful Testnet Deployment

The partnership follows the successful deployment of Subsquid's testnet, which saw participation from over 70,000 users and the deployment of more than 20,000 indexers. The platform has already secured key integrations with notable players like Berachain, Neon EVM, CORE, and Starknet, further solidifying its position in the industry.

In a record-breaking sale, Subsquid raised $6.3 million in just 19 minutes on CoinList, making it the fastest sale in the history of the platform. The swift and substantial community backing, of course, contributed to the overall $17.5 million funding, attracting thousands of new token holders.

SQD Token Listing on Major Exchanges

Subsquid announced that its native token, SQD, would be listed on multiple tier-one cryptocurrency exchanges on May 17, 2024. The SQD token will be available for trading on Gate.io, Bybit, KuCoin, CoinList, and MEXC Global, with markets opening at 8:00 UTC and an initial launch price set at $0.094.

The introduction of SQD is expected to enhance liquidity and accessibility for the Subsquid token, as SQD is integral to the Subsquid ecosystem, aligning incentives among infrastructure providers and rewarding node operators who offer computational and storage resources. Additionally, the token facilitates node curation and protocol governance.

Industry Support and Future Prospects

Prominent investors such as Blockchange, Hypersphere, Zee Prime, DFG, and Lattice played a pivotal role in these recent funding rounds. With the token launch getting nearer, Subsquid co-founder Dmitry Zhelezov emphasized the broader implications of the funding, stating that it marks the beginning of the next generation of the open internet: Permissionless data access for anyone building in the Web3 space.

As Subsquid prepares for its token launch, the company's advancements and strategic partnerships underscore its commitment to transforming blockchain technology and data usage, positioning it as a game-changer in the Web3 ecosystem.