DeFi data network Unmarshal recently raised $2.6 million in a funding round in order to build a multi-chain data indexing protocol.
According to Unmarshal the fundraising event was largely successful due to the immense support it received from the top industry players. It will channel the funds to create a data indexing protocol that will be able to adequately meet the needs of the entire Decentralized Finance (DeFi) ecosystem. It focuses on providing decentralized applications (dApp) with unrestricted access to data on any form of blockchains.
Unmarshal partnerships
Since its inception, Unmarshal has partnered with top players in the blockchain and crypto space. Some of them include; Binance Smart Chain (BSC), Elrond, Polkadot, Ethereum, Polygon (formerly Matic Network), etc. Interestingly, the DeFi data network protocol also has its sights set on moving towards Layer-2 networks. Subsequently, providing dApp developers with access to reliable, top-notch on-chain data.
In an official blog post, Unmarshal spoke highly of the entire investors who took part in the funding round. Pointing out they all have a great deal of respect and a huge amount of trust in what the multi-chain protocol is looking to achieve. Investors who made several contributions to the protocol were both Venture capitalist firms, DeFi entrepreneurs, and general individual investors. Venture capitalists include; Woodstock, Blackedge, ExNetwork, Particle XYZ, NGC Ventures, GBV, SPARK digital, Amesten, AscendEX, etc.
DeFi entrepreneurs and individual investors who took part in the funding round include; Ravindra Kumar and Philip Arthur Moore(Frontier), Sandeep Nailwal(Polygon), Aniketh Jindal (Biconomy), Danish Chaudhari (Bitcoin.com exchange), Chandresh Aharwar (Unilend Finance), Ran Neuner. All these investors showed great faith in Unmarshal and its actions towards creating an excellent and reliable web 3.0 ecosystem.
Blockchain tech and the growing interest in DeFi and NFTs
The blockchain space has been touted as being able to revolutionize several spheres in the world today. Although still majorly nascent, the blockchain space has shown a remarkable increase in adoption. Growth in the crypto and blockchain space comes with an increased amount of use cases. These new use cases further increase the need for a platform that can provide top-notch, reliable data from multi-chains like Unmarshal. The multi-chain protocol is out to serve as an intermediary between dApps and blockchains, providing them with on-chain index data in easily incorporable formats.
Manohara Kolagondanahalli, CEO of Unmarshal, furthermore confirmed the announcement. Adding that the DeFi and NFT space is steadily gaining ground in the blockchain space. This is also leading to data becoming more complex. Kolagondanahalli further added that Unmarshal is here to basically simplify these complex data. Subsequently, converting them into several easily readable formats. In conclusion, Kolagondanahalli thanked investors and his entire community members. He said, “We will always be indebted for the immense trust you have put in us”.
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