Dfuse Blockchain Data Project Secures $3.5 Million in Funding Led by Multicoin Capital, Intel Capital
Dfuse, a blockchain data startup, has reason to celebrate this week as they officially closed out their first round of equity funding.
This round of equity funding for the firm raised $3.5 million for its products which are created to demystify blockchain data and the funding was made by firms such as Multicoin Capital and Intel Capital.
It was reported that this round of funding also included Diagram Ventures, BoxOne Ventures, Panache Ventures, and White Star Capital.
The company is based in Montreal and was founded in 2018 and specializes in building API that simplifies smart contract enabled blockchain platforms such as EOS and Ethereum. The goal of this API is to simplify the process of pulling data from public blockchains and according to the management of Dfuse, this is an essential service being provided.
“Blockchain databases can take seconds to confirm transactions – if they even confirm them at all. They don’t offer global search, reading data is non-trivial, and streaming updates is mostly out of the question. dfuse abstracts all of that complexity away,” Kyle Samani, managing partner at Multicoin Capital.
Details About the Product
Dfuse has four primary products in its roster which are dfuse Stream, Lifecycle, Search and On Demand Networks. By making use of these tools, real-time transaction activity can be streamed and users can receive transaction guarantees for newly submitted data.
“Our vision is to help millions of developers embrace blockchain technology in their businesses,” dfuse CEO and co-founder Marc-Antoine Ross told CoinDesk. “Depending on which numbers you look at, there’s 20 to 40 million developers around the globe. We think only 1 percent of that developer population is touching any blockchain. We really want to fast track this.”
Ross also stated that Dfuse's API products will be expanded on to blanket other top blockchain platforms and expanded beyond just EOS and Ethereum. The company will release a data integrity bounty program in partnership with Hackerone, a security firm, which assures users that the data they are reading via Dfuses products are accurate and confirmed.
“Many companies have built security bounty programs but this is about data integrity,” Ross said. “This is something we will be campaigning to increase the trust in our APIs and we will challenge the other players in the community to do the same thing.”
The need for this sort of products is fairly obvious as blockchain data is becoming more widely used across various Industries such as finance, supply chain and so on.
Because of this, there is a need for the information in question to be collected in a more simple manner to make it more accessible for those who make use of it and also users need to be sure that the data being shown to them is confirmed and the use of the products being offered by Dfuse makes this possible.
This also shows that larger institutions are seeing the benefits of blockchain as well as its importance in the future of commerce and the economy which is evidenced by the number of funds that are being put into blockchain and blockchain-products and services