Animoca Brands, Coinbase Ventures, Crypto.com: The Alliance of Giants Against NFT Fraud Thanks to BitsCrunch

Animoca Brands, Coinbase Ventures, Crypto.com: The Alliance of Giants Against NFT Fraud Thanks to BitsCrunch

Nft, or not NFT? Faced with the rise of the NFT market, fraudsters too want to ride the wave of non-fungible tokens. However, it is clear that the NFT environment has shortcomings from a security and control point of view. To be convinced of this, we can cite the example of the Youtuber Coffeezilla which foiled an NFT scam valued at $20 million. Thus, currently it is only private initiatives that make it possible to clean up the NFT environment! However, things could change thanks to BitsCrunch.

BitsCrunch wants to hunt down NFT fraud

BitsCrunch is a crypto analysis company, and more specifically of the NFT ecosystem. It describes itself as acting as the “custodian of the NFT ecosystem”.

Already, BitsCrunch offers analysis tools based on artificial intelligence to determine the fair price of an NFT, or whether a given NFT is a copy of the genuine asset.

In sum, the objective of BitsCrunch is to offer NFT investors, a better access to data to enable them to protect themselves against counterfeitswhere the spurious volumes. Also, currently BitsCrunch supports data from NFTs on blockchains Ethereum (ETH), Polygon (MATIC) and Avalanche (AVAX). This list should grow thanks to the fundraising that has just been carried out by the company.

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BitsCrunch raises 3.6 million dollars and is accompanied by renowned partners

On February 24, BitsCrunch announced on Twitter that it had completed a funding round in the amount of $3.6 million lead by Animoca Brands. As a reminder, Animoca Brands is a Hong Kong-based company originally specializing in the development of mobile games, which has been interested in blockchain games since 2018. Gradually, Animoca Brands took on the role of venture capitalist in this area by investing in now well-known projects such as: The SandBoxAxie Infinity or even Dapper Labs.

BitsCrunch's Twitter Fundraising Announcement
BitsCrunch announcement about its fundraising – Source: Twitter

Additionally, other major companies in the crypto ecosystem took part in this funding. This is the case of Coinbase Ventures, Crypto.com, Polygon Studios or Borderless Capital. The $3.6 million will be used in particular to cover more blockchain incorporating NFTs. BitsCrunch CEO, Vijay Pravin Maharajan thus stated:

“The funds will be used to expand the team which can focus on securing many blockchainss important ones, such as Solana (SOL), Polkadot (DOT), Algorand (ALGO) and others. »

Evidenced by the recent phishing conducted on the main NFT marketplace, OpenSea, the NFT ecosystem suffers from deficiencies in terms of security and control. BitsCrunch’s initiative is therefore entirely commendable. It is to be hoped that other crypto companies will “follow its lead” in order to prevent the NFT market from becoming a true Wild West.

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