Blockchain data infrastructure luminary Covalent has successfully secured $5 million in strategic funding, with RockTree Capital spearheading the investment round. Additional backing came from prominent entities such as CMCC Global, Moonrock Capital, and Double Peak Group, as revealed in an official announcement.

Covalent specializes in crafting infrastructure that grants users access to historical blockchain data, akin to an “Ethereum Wayback Machine,” reminiscent of the web2 archive that preserves online webpages. The company plans to leverage this funding to penetrate the Asian market and enhance the adoption of enduring data availability in regions including China and Singapore. To date, Covalent has amassed over $20 million through token sales.

“This funding marks a pivotal moment for the Covalent network in delivering long-term data availability to users and developers across Asia. As blockchain and AI technologies evolve, Covalent remains at the forefront, providing the most resilient data infrastructure to a global audience,” articulated Ganesh Swami, co-founder of Covalent, in a statement to The Block.

On June 11, Arthur Hayes, the progenitor of the crypto exchange BitMEX, joined Covalent as an advisor, compensated with CQT tokens, as previously reported by The Block.

In a prior funding round in March 2021, Covalent raised $2 million, led by Hashed Ventures, with additional contributions from Coinbase Ventures, Binance Labs, and Delphi Ventures, among others.

As of Wednesday, Covalent’s native token, CQT, was trading at $0.17, reflecting a 12.67% increase over the previous 24 hours, according to data from The Block Prices. The token boasts a market capitalization of $123.1 million.