Blockchain startup by former Coinbase employee raises $4.5 million

The blockchain data startup Coherent, founded by former Coinbase employee Karl Cortwright, raised $4.5 million in a seed round. The Block reports.

Investors included Kindred Ventures, Matchstick Ventures, and Foundry Group. Others participating included Coinbase Ventures, Alchemy, Chapter One, and Dan Romero, one of the early employees of the American Bitcoin exchange.

Cortwright founded Coherent in April 2022 after four years at Coinbase. He served as a senior software engineer and sat on the venture arm.

According to him, Coherent is working on an API that will allow developers to build applications and offer new features using their data. According to Cortwright, the firm focuses on three types of information:

• on-chain transaction history;
• NFT data;
• account data.

The head of the startup noted that the platform will attract the next billion users to the crypto industry. The five-person team plans to launch the tool in September.

From April to June, venture investments in crypto startups fell by 31% compared with the first quarter, to $6.76 billion.

Analysts cited the Terra collapse, serious problems at Celsius and Babel Finance, as well as cuts at Coinbase, Gemini, and Crypto.com.

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