bitsCrunch raises $3.6M from Animoca Brands, Coinbase Ventures, others to secure the NFT Ecosystem

As the popularity of NFT soars, so is the number of NFT fraud cases. In recent months, hackers and fraudsters are also targetting NFT projects stealing millions of dollars worth of NFTs. Just last month, OpenSea, the world’s largest NFT marketplace reported that more than 80% of NFTs created for free on its platforms are fraud or spam. Now, one tech startup is aiming to protect NFT projects and secure the NFT Ecosystem.

Enter bitsCrunch, a Munich, Germany-based Blockchain analytics startup focusing on providing securing services using Artificial Intelligence (AI) to safeguard the NFT Ecosystem. bitsCrunch’s analytics and security tools provide actionable NFT insights to safeguard  NFT assets.

Today, bitsCrunch announced today that it has raised $3.6 million in a private round of funding from lead investor Animoca Brands with participation from Coinbase Ventures, Crypto.com Capital, Polygon Studios. bitsCrunch will use the funding proceeds to expand the team that can focus on securing many prominent blockchains.

Alongside Animoca Brands, Coinbase Ventures, Crypto.com Capital, and Polygon Studios, the round also saw participation from Borderless Capital, Bison Funds, Mapleblock, Morning Star Ventures, Shima Capital, GravityX, Thykeblock Ventures, and Spark Digital Capital. Angel investors from Ex-CxO Huobi, CxOs of Biconomy, Frontier, and experts from JP Morgan, Goldman Sachs, and Facebook also backed the project.

Founded by CEO Vijay Pravin, bitsCrunch helps people to make purchasing decisions on NFTs, enabling people to decide which NFTs to buy, and – most importantly – which not to buy. Headquartered in Munich, Germany, bitsCrunch also has operations in India.

In a statement, Pravin said, “We are glad to be backed by some of the best-in-class investors like Animoca Brands, Coinbase Ventures, Crypto.com Capital, Polygon Studios, and other leaders in the blockchain industry.”

Animoca Brands is a global leader in gamification and blockchain with a large portfolio of over 150 investments in NFT-related companies and decentralized projects that are contributing to building the open metaverse.

Yat Siu, the Executive Chairman and Co-founder of Animoca Brands, commented: “With the increasing number of non-fungible digital assets in circulation and the rise in NFT marketplaces, bitsCrunch has the potential to contribute meaningfully to the safety and security of the emerging open metaverse.”