Breadcrumbs App, a blockchain analytics startup based in Singapore, has raised $1.6 million in seed funding to facilitate the monitoring of cryptocurrency transactions.
The seed round was led by Global Capital, with participation from Cadenza Ventures, Spartan Group, Signum Capital, Everglades Capital, and other angel investors. The funding will allow the startup to continue developing its blockchain analytics platform, which moved away from its beta phase in September of 2021. Kumar Dandapani, Cadenza Ventures Partner, referred to the firm’s participation in the round by stating:
“Cadenza Ventures strongly supports Breadcrumbs’ mission to provide greater transparency in the blockchain by making accurate and reliable data accessible to all market participants in this rapidly growing asset class.”
Breadcrumbs was founded back in 2019 after its founder Lorne Lantz was scammed during an Initial Coin Offering (ICO) earlier in 2018 with the mission to make the crypto space safer for all participants. The startup does this by offering several analytics tools that allow investors and Compliance and Open-Source Intelligence (OSINT) groups to evaluate transactions more easily and effectively. Lantz said in this regard:
“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.”
With the crypto space becoming increasingly alluring to investors of all backgrounds, concerns around the security and legitimacy of the growing number of projects. Breadcrumbs believe that by taking advantage of the transparency inherent to blockchain technology and combining it with an easy-to-use monitoring platform, it can boost the adoption of cryptocurrency around the world.