Subsquid, a leading Web3 data access layer, has secured $17.5 million in funding and forged a partnership with Google ahead of its highly anticipated token launch, as per the information shared with Finbold on May 16.
The financial boost will support the development of Subsquid’s innovative data indexing technology, which aims to revolutionize blockchain data accessibility.
Subsquid’s integration with Google BigQuery
A major highlight of this development is Subsquid’s integration with Google BigQuery.
By incorporating its software development kit with Google’s powerful data analytics platform, Subsquid offers developers new capabilities to analyze blockchain data.
This marks a significant step forward, providing enterprises and big data analysts with a robust and reliable blockchain data source.
Following the success of Subsquid’s testnet
The partnership follows the successful deployment of Subsquid’s testnet, which saw participation from over 70,000 users and the deployment of more than 20,000 indexers.
The platform has already secured key integrations with notable players like Berachain, Neon EVM, CORE, and Starknet, further solidifying its position in the industry.
In a record-breaking sale, Subsquid raised $6.3 million in just 19 minutes on CoinList, making it the fastest sale in the history of the platform.
The swift and substantial community backing of course contributed to the overall $17.5 million funding, attracting thousands of new token holders.
SQD token to list on major exchanges on May 17
Subsquid announced that its native token, SQD, would be listed on multiple tier-one cryptocurrency exchanges on May 17, 2024.
The SQD token will be available for trading on Gate.io, Bybit, KuCoin, CoinList, and MEXC Global, with markets opening at 8:00 UTC and an initial launch price set at $0.094.
The introduction of SQD is expected to enhance liquidity and accessibility for the Subsquid token, as SQD is integral to the Subsquid ecosystem, aligning incentives among infrastructure providers and rewarding node operators who offer computational and storage resources.
Additionally, the token facilitates node curation and protocol governance.
Marcel Fohrmann, Co-Founder of Subsquid, expressed enthusiasm about the listings:
“We’re excited to see our token go live on various trading venues. We’ve been working on getting Subsquid to market and onboard hundreds of worker nodes. With Subsquid Network even petabytes of on-chain data can be accessed and queried in a trustless and permissionless way, gradually replacing RPC nodes for data reads. We believe that this is another step towards powerful, fully decentralized web3 dapps and analytics.”
The listing of SQD on these prominent exchanges aligns with Subsquid’s objective of decentralizing its network and expanding its user base within the Web3 community.
Industry support for Subsquid
Prominent investors such as Blockchange, Hypersphere, Zee Prime, DFG, and Lattice played a pivotal role in these recent funding rounds.
Jack Platts, Co-Founder of Hypersphere remarked:
“Helping to build networks is one of our primary purposes at Hypersphere. By investing in Subsquid, we are ensuring that network and protocol developers always have access to the data they need to build. Subsquid reduces data costs for at scale deployment for many of the most popular blockchains and developer communities in the industry,”
With the token launch getting nearer, Subsquid co-founder Dmitry Zhelezov emphasized the broader implications of the funding:
“With our token launch just around the corner, this is just the beginning of the next generation of the open internet: Permissionless data access for anyone building in the Web3 space. By eliminating vendor-lock and serving data in a P2P manner, Subsquid is a game-changer, and a fundamental improvement over the status quo of centralized solutions that have full control over the data.”
As Subsquid prepares for its token launch, the company’s advancements and strategic partnerships underscore its commitment to transforming blockchain technology and data usage.