Blockchain data infrastructure provider Covalent has secured $5 million in a strategic funding round led by RockTree Capital, with participation from CMCC Global, Moonrock Capital, and Double Peak Group. The firm plans to use the funds to expand its operations in Asia and accelerate the adoption of long-term data availability in China and Singapore.

Covalent introduced the "Ethereum Wayback Machine" in November 2020, a platform that enables users to access historical blockchain data. The company is backed by Hashed Ventures, Coinbase Ventures, Binance Labs, and Delphi Ventures, which participated in a $2 million strategic funding in March 2021.

Covalent co-founder Ganesh Swami sees Asia as an emerging crypto hub with "immense potential to become the leader of the next bull run". He aims for his company to play a significant role in the industry’s next growth phase in the region. Omer Ozden, CEO of RockTree Capital, praised Covalent for driving the convergence of AI and Web3 and delivering the largest data infrastructure in crypto.