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Covalent acquires Vancouver blockchain startup Byzantine Labs


Vancouver, BC – TheNewswire – December 3, 2020 - Fresh off of their oversubscribed funding round of $3.1m from top-tier cryptocurrency investment firms, Covalent, a leading blockchain data analytics provider, is acquiring Byzantine Labs, a blockchain startup incubator and consultancy based in Vancouver, BC for an undisclosed amount. The Byzantine Labs team will be joining Covalent’s product and engineering departments.


Byron Ma, the CEO of Byzantine Labs, will join Covalent to lead their product division, and Anant Upadhyay, CTO of Byzantine Labs, will join as Senior Software Architect.


Byron brings a wealth of technology experience operating fintech, e-commerce, and digital marketplaces in both North America and the Asia-Pacific region, while Anant brings over a decade of enterprise software engineering experience at Fortune 500s and startups.


“Blockchain technology is one of the most exciting web technologies but there is still so much infrastructure that needs to be built. Deep, granular, and historical blockchain data is still inaccessible for the average developer, which is a major hindrance on the end user experience. We’re excited to join Covalent to solve this crucial problem and build the data layer for blockchain technologies.” says Byron.


Ganesh, CEO of Covalent says, “We are excited to have Byron and Anant on board, both are crypto-natives who will accelerate our mission of increasing blockchain data literacy, ultimately pushing blockchain adoption into the broader mainstream. Byzantine Labs’ mission has always been to bring the promised potential of blockchain technologies into reality, and together with Covalent, they’ll do just that.”


Covalent is the leading provider of blockchain data analytics, having recently signed on prominent customers such as Consensys and SKALE networks, and is the data provider for many of the decentralized finance (“DeFi”) applications in the Ethereum ecosystem. Covalent powers over 40 decentralized applications on Ethereum, and are focused on improving blockchain data literacy with their blockchain data science hackathons such as the recent Dungeons & Data and upcoming One Million Wallets campaign.