Solscan Secures $4 Million In Seed Round Co-Led By Multicoin Capital and Electric Capital

Following Fundraising, Leading Solana Block Explorer Plans to Launch A New Analytics Platform

Singapore, 23 December 2021, ZEXPRWIRE, Solscan, a Solana block explorer and data analytics firm, today announced a $4 million seed round co-led by Multicoin Capital and Electric Capital with participation from Jump Capital, Sequoia India, Alameda Research, Solana Ventures, Signum Capital, and CoinGecko. The investment will go toward accelerating integrations for Solana’s flagship block explorer, launching Solscan Analytics, and expanding hiring to support the firm’s growing user base and partnership requests. 

A block explorer is an online tool for searching and inspecting blockchain transactions. Launched in June, 2021, Solscan’s block explorer today serves over 2.3 million monthly users and more than 180 million monthly data requests. In six months it has grown into the leading explorer within the ecosystem, partially because it has integrated with top projects, including FTX, Serum, Raydium, Phantom, Solend, Orca, and others.

“Solscan sees a massive opportunity and an unmet demand for Solana’s data validations and analytics. We are thrilled to have the support of these incredible partners in this seed round, and this investment will help us further deliver world-class products such as DeFi dashboard, NFT scan, and network’s monitoring amongst others. We look forward to working with other peer projects in the Solana ecosystem, and assisting with their data analytics needs,” said Le Ho, Solscan’s Director. 

Solscan plans to release several new products in early 2021, including new network monitoring and analytics tools, enhanced developer tooling, and dedicated info pages for projects. The firm’s upcoming analytics platform, Solscan Analytics, will give users a more tailored, personalized experience. The platform will integrate on-chain and off-chain data to deliver high-quality market intelligence, such as hidden patterns and correlations, emerging market trends, profitable trading behavior characteristics, price anomalies, whale interactions, and fraud detection. The platform will be priced on a subscription-based model.

“Solscan is the front page of the Solana ecosystem, and they are building a very unique type of network effect. They have integrated many Solana protocols into the Solscan front end to deliver a better block explorer. Those protocol teams have in turn integrated Solscan as the flagship block explorer. The network effect is working, and Solscan is accelerating its growth,” said Kyle Samani, Managing Partner, Multicoin Capital. 

Besides the financial support from some of the biggest investors in blockchain, Solscan will also leverage their connections to accelerate integrations and user adoption. The success of the seed funding round is a major milestone in the Singapore-based firm.

“I have known the Solscan team personally for over 5 years. It consists of committed and resourceful people, who were critical in bringing the project forward in the early stages of the Web3 development. Since then, I have felt the passion of the team and have been truly convinced of their ability to execute. Within Solana’s ecosystem, Solscan has established itself as an outstanding tool for Solana developers to generate Web3 products more effectively and efficiently. Solscan is undoubtedly an indispensable Swiss army knife on Solana!” Said YY, Partner at Signum Capital. 

“Solscan team comprises of seasoned blockchain engineering professionals and we were impressed by their thoughtful roadmap of API first on-chain visibility, analytics and Web3 integrations. We anticipate Solscan to be the primary gateway to track your on-chain activities”, said Saurabh Sharna, Partner and crypto lead at Jump Capital.

About Solscan

Solscan is a full-suite block explorer and data analytics platform focusing on the Solana ecosystem. It provides a vast range of data services for users, developers, and projects. To learn more, visit https://solscan.io/. 

About Multicoin Capital

Multicoin Capital is a thesis-driven investment firm that invests in cryptocurrencies, tokens, and blockchain companies. As crypto networks and companies will create trillions of dollars of value over the next decade, a new way to invest is emerging. New tools, heuristics, and security measures are needed to responsibly invest in this ecosystem. We leverage our deep understanding of blockchain technology and crypto markets to deliver exceptional returns. For more information, visit: https://multicoin.capital. 

About Electric Capital

Electric Capital is a venture firm that invests in cryptocurrencies, blockchain-based businesses, fintech companies, and marketplaces. We compile code, profile nodes, analyze blockchains and open source projects, help secure crypto networks, and write software to help portfolio companies understand their ecosystems.  Our annual Developer Report is the industry standard for understanding the developer ecosystems across crypto networks. Electric Capital and its founders have invested in crypto companies such as Anchorage, Bitwise, Celo, Mobilecoin, Oasis, and many more. For more information, visit https://www.electriccapital.com/

To learn more about Solscan, please visit https://solscan.io/. 

Published On: December 23, 2021