Allium Inc., a blockchain data delivery platform designed for enterprises, has successfully raised $16.5 million in early-stage funding. This Series A funding round was spearheaded by Theory Ventures, with additional participation from existing investors, Kleiner Perkins and Amplify Partners. The latest funding brings Allium’s total capital raised to $21.5 million, following its initial seed round in 2022.
Overview of Allium’s Platform
Allium provides enterprise-grade blockchain data solutions that allow financial institutions and companies to analyze and interact with blockchain data efficiently. Unlike traditional distributed ledgers, blockchain systems operate more like complex software, making it challenging to standardize and interpret their data. Allium’s platform addresses this challenge by offering deep expertise in handling the technical outputs of smart contracts, tokens, nonfungible tokens (NFTs), stablecoins, and other blockchain technologies.
“Allium exists to drive trust and transparency in blockchain, to help people understand and build with full confidence,” stated Ethan Chan, co-founder and CEO of Allium. He emphasized the platform’s ability to normalize data across more than 40 blockchain networks and parse thousands of smart contracts, equating to petabytes of data.
Key Features and Clients
Allium delivers blockchain data to its clients through two main application programming interfaces (APIs): the Allium Explorer and Allium Developer.
- Allium Explorer: This interface offers query and visualization tools for data discovery, investment and market research, financial accounting, and auditing.
- Allium Developer: This interface provides real-time ingestion tools for high-performance applications.
Allium’s clients include notable financial technology companies such as Visa Inc. and Stripe Inc., which use the platform to monitor crypto activities. Blockchain companies like Uniswap Labs and Phantom also use the platform.
Recently, Allium partnered with Visa to support the launch of the Visa Onchain Analytics Dashboard. This dashboard initially focuses on providing insights into stablecoins, including metrics such as active users, transaction volumes by coin, and transaction sizes.
“At Visa, we seek to better inform our clients of how people and businesses are using stablecoins for transactions beyond crypto trading activity,” said Cuy Sheffield, head of Visa Crypto. He highlighted that the Visa Onchain Analytics Dashboard is designed to help clients understand stablecoin usage better and develop products that cater to this emerging market.
Conclusion
With the new funding, Allium plans to further invest in its data infrastructure to enhance the customer experience. Additionally, the company intends to create launchpads for financial firms, such as payment providers and brokerages, to engage with digital currencies, virtual assets, and tokens more effectively.
Allium’s commitment to improving blockchain data accessibility and reliability positions it as a crucial player in the ongoing evolution of financial technology and digital assets. The company’s continued growth and partnerships signal a strong future for enterprise adoption of blockchain technology.
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