An open blockchain analytics tool, Breadcrumbs.app, had announced a $1.6 million seed funding round recently. The seed funding round was powered by a Distributed Global Capital, and other players comprising of Cadenza Ventures and Spartan Group.
The Seed Funding Round also received ample participation from supporters comprising of the Signum Capital and Everglades Capital, and other angel investors.ย
Since its initiative away from the Beta the previous September 2021, the Breadcrumbsโ popularity had been on progression, not just with the crypto community, but also among the Compliance and Open-Source Intelligence (OSINT) groups.
Founded by Lorne Lantz after being scammed by an Initial Coin Offering (ICO) in 2018, Breadcrumbs was built as an investigation tool that answers the query “where did the crypto come from and where did the crypto go?”, but has since evolved to offer a range of tools and services that help make the crypto space a safer place to be in.
Breadcrumbs app CEO and Founder, Lorne Lantz stated, “Apart from staying true to our commitment in helping the crypto industry become a safer space, we also want to push the envelope further to make the crypto industry a brave space where traditionally sidelined communities can take chances and thrive. This is the main reason why we are honing in on micro, small, and medium Virtual Asset Service Providers to better understand and serve their needs.”
As per the firmโs sources, the Breadcrumb app believes that everyone has a perfect right to investigate the blockchain. Apart from refining its open blockchain analytics tools and supporting more blockchains, the funds raised will be used to accelerate product expansion and cover the compliance needs of micro to medium Virtual Asset Service Providers.
Kumar Dandapani, Cadenza Ventures Partner echoed Breadcrumbโs mission in a statement: โCadenza Ventures strongly supports Breadcrumbs’ mission to provide greater transparency in the blockchain by making accurate and reliable data access to all market participants in this rapidly growing asset class.”
Gradual mass adoption of cryptocurrencies, blockchain analytics tools is fast emerging as more of a necessity. Breadcrumbs Appโs primary focus is to ensure that everyone has access to tools empowering them to make informed decisions about crypto and decentralized finance.
