Allium Labs, a blockchain data provider, has successfully raised $16.5 million in a Series A funding round led by Theory Ventures. This funding will help the company in its mission to provide enterprise-grade blockchain data to companies like Visa, Stripe, and Uniswap Foundation. With the latest investment, Allium Labs has now raised a total of $21.5 million, which will be utilized to enhance data infrastructure and expand its services to enable financial institutions to adopt digital assets more readily.
Venture capital firm Theory Ventures, headed by founder Tomasz Tunguz, expressed confidence in the growing demand for cryptocurrencies and tokens. Tunguz highlighted the importance of data in fostering broader adoption of digital assets. Seed investors Kleiner Perkins and Amplify Partners also participated in the funding round, further solidifying Allium Labs’ position in the industry.
Allium Labs has previously collaborated with Visa to develop the Visa OnChain Analytics Dashboard, which offers valuable insights into stablecoin activity. The latest findings from the company reveal two major trends in the stablecoin market. Firstly, there has been a resurgence in demand for stablecoins in 2024, with a circulating supply nearing $150 billion. Additionally, there has been a consistent increase in the number of monthly active stablecoin users, reaching 27.5 million across all blockchain networks.
Moreover, the findings indicate an improvement in the accuracy of tracking total transfer volume versus bot-adjusted transfer volume. The data shows that a significant portion of the transfer volume, approximately $265 billion out of $2.65 trillion in the last 30 days, was attributed to “organic” transactions. This demonstrates a positive trend towards genuine payment activity in the digital asset space.
Ethan Chan, CEO, and Co-Founder of Allium Labs emphasized the company’s commitment to simplifying the complexities of tracking digital currency volumes. He highlighted the challenges of normalizing data across multiple blockchain networks and analyzing smart contracts, which generate massive amounts of data. Allium Labs aims to provide seamless solutions to its clients, enabling them to focus on their core business without worrying about data management intricacies.
In conclusion, the successful funding round and the release of insightful stablecoin activity findings position Allium Labs as a key player in the blockchain data industry. The company’s collaboration with Visa and other prominent partners underscores its commitment to driving innovation and facilitating the adoption of digital assets in the financial sector. As the demand for stablecoins continues to grow, Allium Labs remains at the forefront of providing essential data and analytics to support this evolving ecosystem.