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Blockchain startup DappRadar secures $2.3M from Naspers Ventures, Ventures

Mon, 09 Sep 2019, 03:51 am UTC

Blockchain startup DappRadar, a platform designed to monitor and analyze decentralized app data, has scored $2.3 million in investment led by Naspers Ventures, with participation from Ventures and Angel Invest Berlin.

As per a press release, the Lithuanian firm will primarily use the funding for research and development to provide “new functionality to help the business expand its service and reach the next stage in its growth.”

Founded in 2018, DappRadar tracks around 2,500 decentralized applications (dapp) projects on several blockchains, including ethereum, EOS, TRON, and the Loom network. It can also monitor active users, token volume, and transaction movement.

In the short time since we founded DappRadar, we’ve seen the technology mature quickly and its commercial prospects clearer,” Skirmantas Januskas, DappRadar CEO and co-founder, said.

Managing partner at Ventures Samuel Harrison noted that DappRadar is portraying a crucial role in conveying trust, transparency, and discovery to the emerging dapp development industry.

In a statement shared with CoinDesk, Ian Kane, DappRadar’s Head of Communication, claimed that “unlike some of our competitors, we have a public, robust attitude in terms of filtering out what we consider ‘fake’ or ‘manipulated’ traffic, notably traffic generated by bots.”

He further explained that dapp data is difficult to monitor because of the wide range of distributed ledger technology protocols and networks that dapps run on. Kane further explained that the monthly traffic of DappRadar is over 500,000 users, although fluctuations in daily traffic can occur.

The popularity of dapps has significantly grown over the years including their user benefits.

Speaking to Decrypt, Jon Jordan, DappRadar’s Director of Communications, opinioned: “What I think is the most interesting thing about this sector is the way dapps are gaining interoperability. It is really an incredibly dynamic space to be operating in.”

Just recently, Ventures was reported to be raising $50 million to invest in startups, with plans to use the fund to make investments in both equity and cryptocurrencies. Other than DappRadar, the fund has also already invested in crypto startups like Origin Protocol and Coindirect.

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