DappRadar, a decentralized app discovery, and data analysis tool, has successfully secured a new round of funding. According to an announcement published earlier this week, the company revealed that it had successfully closed $2.33 million in seed funding. The funding round was led by Blockchain.com Ventures, Napsers (a South African Internet and media group), and Angel Invest Berlin, and a vast majority of the funds will be diverted into its core research and development functions, as well as to help improve its service offering.
DappRadar functions in pretty much the same manner as market aggregators such as CoinMarketCap works for cryptocurrency exchanges and crypto-assets themselves. The platform provides information and tracking services for over 2,500 dApp projects on multiple blockchains, including TRON, ETOS, Ethereum, and the loom network. It provides data such as user count, transaction volumes, and much more.
Speaking on the successful funding, Ian Kane, a top official at DappRadar, posited that the company’s enviable user count and listing criteria were the major drivers behind their ability to attract high profile investors. Unlike Bitcoin trading numbers and other popular metrics in the cryptocurrency space, data concerning decentralized apps have generally always proven to be a tad difficult to track, thanks in large part to the differences in blockchain networks that they operate on and the rage of protocol styles that they use.
However, Kane revealed what differentiates DappRadar from its competitors; they maintain a “public, robust attitude in terms of filtering out what we consider ‘fake’ or ‘manipulated’ traffic, notably traffic generated by bots.”
He added that the company has been able to get up to over 500,000 users in monthly visitors, although he admitted that there are times when traffic is much less stable.
The same sentiment was shared by Samuel Harrison, the Managing Partner at Blockchain.co Ventures. While speaking on the funding round, he praised DappRadar’s business model, saying, “DappRadar is playing a vital role in bringing trust, transparency, and discovery to the fragmented world of dApps. We hope to play a role in accelerating their impact on the ecosystem.”
The investment is also a significant one for Blockchain.com, as the Luxembourg-based data supplier is continuing to diversify its investment portfolio.
A few weeks back, the company announced that it would be integrating the Polkadot Network into its Blockchain Wallet, in a move which could provide increased adoption for the Polkadot tokens.
Polkadot, which was announced in 2017, is a project backed by the Web3 Foundation. It has some rather popular names in the industry backing it, including Ethereum co-founder Gavin Wood, Parity technologies, and Jutta Steiner, the very first Chief Security Officer at Ethereum.
Once the integration is done, Blockchain.com users will be able to store, receive, and send Polkadot tokens, as well as to vote on amendments to the network protocol.
The partnership aims to help improve the concept of decentralization. Peter Smith, the chief executive of Blockcain.com, added that Polkadot is a purpose-driven network; the exact type that his company is looking to support. He added that both companies share the vision of increased user control and decentralization, and this was the catalyst for their collaboration.