Shadow, a crypto-data platform, raises $9 million

A crypto data platform Shadow, designed to reduce Ethereum development costs, raised $9 million in a seed round led by Paradigm, according to The Block.

Other investors include Coinbase Ventures, Electric Capital, Ethereum Foundation, Uniswap and Flashbots.

The company’s first product allows “anyone to augment any contract to obtain precise and relevant data”. To reflect the state of public blockchains in real time the platform uses the so-called “shadow forks” and a private execution environment.

“The problem we are solving is that blockchains are a fundamentally new type of database. Working with this data remains too complex,” said Alvin Xia, the startup’s CEO.

Shadow’s solution could be useful for on-chain analytics and developers.

According to Xia, the product is already live. Among the startup’s first clients are DeFi platforms and other Web3-services.

In November, L2-project Blast attracted $20 million from Paradigm and Standard Crypto.