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Blockchain Data Provider Covalent Sells $10M Worth Of Its Native Token CQT in a CoinList Sale

1 Mins read
  • $10 million worth native token CQT sold
  • 14,000 new holders of the token
  • eight blockchain platform to provide its data services

Covalent, a blockchain data aggregator based in Canada, has sold native token CQT via a CoinList. The value of the token is believed to be $10 million worth. Coindesk quoting sources in Covalent reported that the sale led to 14,000 new holders of the token.

cryptonews.net

Covalent stated that the CQT token sold to the public comprised 3.5% of the total CQT supply.

A bridge between centralized databases and distributed blockchain technologies

Covalent was founded in 2018 and is a technology company specializing in removing bottlenecks in infrastructure, which hinders blockchain adoption. The company also specializes in bridging the well-established centralized databases with the latest distributed blockchain technologies.

Covalent’s native token CQT is the platform’s currency. It is used to facilitate interactions among the users and as a value base for validators who earn by solving problems put forth by developers. The Token holders are also entitled to vote on the project’s governance.

Coindesk quoted Graham Jenkin, CEO of CoinList, who said that users are fed up with individual blockchain data structure quirks. Instead, they desire a quick and easy process to access data. Covalent has indexed eight blockchain platforms to provide its data services. These include –

  • Ethereum
  • Binance Smart Chain
  • Elrond
  • Fantom
  • Polygon
  • Cosmos
  • Polkadot

Coindesk

Coindesk reports that two rounds of funding, one in October 2020 and another in March 2012. A total fund totaling over $5 million was collected. More contribution from entities like Binance Labs and Delphi Ventures has come in.

Coindesk quoted Ganesh Swami, CEO and Co-Founder of Covalent, who said that Blockchains are the new platforms for developing entrepreneurship. The decentralized framework and high security will affect commerce activities from finance to retail activities

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