Unmarshal raises $2.6M for its multi-chain data indexing protocol

The funding round was backed by Venture Capitalists and DeFi entrepreneurs from Polygon and Biconomy

Chain-agnostic blockchain protocol Unmarshal recently announced it had closed a $2.6 million funding round with the support of some industry heavyweights. Among the Venture Capitalists that backed Unmarshal were SPARK Digital, ExNetwork, Particle XYZ, Woodstock, NGC Ventures, Blackedge, Altonomy, AU21, GBV, AscendEx, Zokyo, X21, Amesten and Brilliance Ventures.

Unmarshal enables decentralised applications (dapps) to access data on blockchains through its multi-chain decentralised finance (DeFi) data network. The advanced network of data indexers that Unmarshal is building will be able to cater to the entire DeFi ecosystem.

Data is an indispensable part of the DeFi sphere, but there is so far a lack of reliable and efficient infrastructure for accessing it. Unmarshal will curate customised data to meet the needs of the DeFi economy through scalable functionality for rich data in several formats, such as data streams, historical data, rich APIs and push notifications support.

The protocol has already added support for Ethereum, Polkadot, Binance Smart Chain, Solana, Elrond and Substrate based projects such as StaFi. Unmarshal is also branching into Layer 2 networks with Polygon.

In addition to the Venture Capitalists, Unmarshal’s funding round was also supported by individual investors and DeFi entrepreneurs including Aniketh Jindal of Biconomy, Sandeep Nailwal of Polygon, Ran Neuner of Onchain Capital, Ravindra Kumar and Philip Arthur Moore of Frontier, Chandresh Aharwar of Unilend Finance and Danish Chaudhari of Bitcoin.com exchange.

These backers believe in Unmarshal’s vision for a Web3 revolution. Unmarshal will fill in existing gaps by acting as a liaison between blockchains and app developers to fetch reliable data from multi-chains in easily integrated formats.

CEO of Unmarshal, Manohara Kolagondanahalli, explained, “As the DeFi and NFT space is progressing at an unprecedented rate, data is exploding and becoming increasingly complex. At Unmarshal, we aim at simplifying the intricacies to deliver customised, rich and decoded information in many formats like APIs, Notifications, Insights and Analytics. Focusing on the DeFi niche ecosystem will give the flexibility to serve clients full extent with thin integration layer.”

There are other projects working on developing data infrastructure, such as The Graph, except whereas The Graph requires developers to create subgraphs, Unmarshal will offer more generic data like any address’ transaction history or wallet balance.

Unmarshal also recently introduced MARSH, a utility token for the network. MARSH will be used as payment by data consumers, for staking by indexers and to reward other network contributors.