Crypto startup Blockworks is set to leverage its recent fundraising to acquire competitors and position itself as a leading data provider for digital assets, akin to Morningstar in traditional finance. Co-founder Jason Yanowitz emphasized the need for high-quality data tools in the crypto space, which have lagged behind those available for stocks and bonds. The company recently closed a Series A extension round, co-led by ParaFi Capital and Reciprocal Ventures, valuing Blockworks at $192 million, although the specific amount raised remains undisclosed.
The crypto data industry, which has yet to establish a clear leader, is critical for traders who rely on accurate data to make informed decisions. As the market matures and regulatory frameworks become more supportive, the demand for reliable data services is expected to surge. Blockworks aims to fill this gap, addressing the dual trust issues faced by businesses and investors in the crypto sector.
For market professionals, Blockworks’ expansion could signal a pivotal shift in the availability of data services for digital assets, potentially enhancing trading efficiency and fostering greater institutional participation in the crypto market.
Source: cnbc.com