Blockchain
Enterprise Blockchain Data Platform Allium Raises $16.5M Led by Theory Ventures
Allium Inc. public limited companya blockchain data distribution platform for enterprises, today announced it has raised $16.5 million in seed funding led by Theory Ventures to scale its infrastructure and offer solutions for more financial institutions to adopt digital assets.
Existing investors Kleiner Perkins and Amplify Partners also participated in the Series A funding round, bringing the company’s total raised to $21.5 million after its initial funding round in 2022.
The Allium Platform provides enterprise-grade data solutions for financial institutions and businesses, so they can be analyzed and used as quickly as possible for applications and reporting.
While blockchains are indeed distributed ledgers, which are supposed to be similar to giant databases, they do not function like one. Instead, they are like computers, where the recorded transactions are part of complex software. Standardizing and understanding blockchain systems requires deep expertise in the technical outputs of smart contracts, tokens, non-fungible tokens, stablecoins, and other areas that have been built on blockchain technology.
“Allium exists to promote trust and transparency in blockchain, to help people understand and build with full trust,” said co-founder and CEO Ethan Chan. “Currently, something as essential as accurately tracking digital currency volumes requires continuous data normalization across 40+ blockchain networks and analysis of thousands of smart contracts, equivalent to petabytes of data.”
The company provides blockchain data to its customers through two different application programming interfaces: Allium Explorer and Allium Developer. The Explorer interface provides query and visualization for data discovery, investment and market research, financial accounting, and auditing. The Developer interface provides real-time ingestion tools for high-performance applications.
Allium partners with financial and technology clients such as Visa Inc. and Stripe Inc., who use the platform for cryptocurrency-related activities, and with blockchain companies such as decentralized cryptocurrency exchange Uniswap Labs and blockchain wallet Phantom.
The company recently partnered with Visa to provide data relevant to Visa’s launch of Visa Onchain Analytics Dashboard. The dashboard will start by displaying information about stablecoins, a cryptocurrency that maintains a token value one-to-one with traditional currencies such as the U.S. dollar. Data types include active users, volumes per coin, transaction size, and other metrics.
“At Visa, we seek to both better inform our customers about how people and businesses are using stablecoins for transactions that may be outside of cryptocurrency trading activity, and to help inform our work with partners to develop products designed to better serve our customers,” said Cuy Sheffield, head of Visa Crypto. “The Visa OnChain Analytics Dashboard is designed to help our customers better understand this activity.”
Allium said it plans to use the new funding to further invest in its data infrastructure to create a better customer experience. It also plans to create launch pads for financial companies such as payment providers and brokers that want to interact with digital currencies, virtual assets and tokens.
Image: Plumage
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