Blockchain data provider Covalent has sold $10 million worth of its native token, CQT, in a sale on distribution platform CoinList.
- The firm said Monday that public sale comprised 3.5% of the total CQT supply, with 14,000 individuals or entities holding the token as a result.
- CQT is used as the platform's currency enabling interactions between the network's users, as well as a staking asset for validators who earn fees for answering queries from developers. Token holders also have rights to vote on the governance of the project.
- “Consumers of blockchain data want fast and easy access to data without the pain of dealing with individual blockchain data structure idiosyncrasies,” said Graham Jenkin, CEO of CoinList. “The Covalent team gets this.”
- To provide its data services, Covalent has indexed eight blockchains: Ethereum, Polygon, Binance Smart Chain, Polkadot, Cosmos, Avalanche, Fantom and Elrond.
- The firm closed funding rounds in October 2020 and March 2021, totaling over $5 million. The more recent round included contributions from Binance Labs, Coinbase Ventures and Delphi Ventures.
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