Analytics Firm Nansen Acquires DeFi Tracker Ape Board for ‘Eight-Figure’ Sum

Source : coinspeaker.com

Nansen will integrate Ape Board and its portfolio tracking features.

Blockchain analytics firm Nansen has acquired DeFi investment tracker Ape Board for an “eight-figure” sum. Ape Board helps its users to track their non-fungible token (NFT) portfolio and DeFi investments. Also, the portfolio tracker lists more than 375 protocols on33 blockchains, including Binance Smart Chain. Other blockchains are Ethereum, Avalanche, Polygon, and Solana. Although there are currently no deal details, a Nansen spokesperson said the acquisition emphasized that the purchase is in “eight figures.”

Nansen Acquires Ape Board

Upon the acquisition completion later in the month, Nansen will integrate Ape Board and its portfolio tracking features. The firm will also incorporate Web3-native communication and programmatic access to on-chain data. Also, Nansen will welcome 13 employees from Ape Board in addition to its 120 team members. The blockchain analytics firm has expanded over the years to onboard analysts, engineers, and product managers. Combining these skilled workers with the new employees from Ape Board in the coming months will provide the “definitive information super-app of Web3.” Notably, the current CEO and co-founder of Ape Board, Mike Phulsuksombati will become the head of product functionality once the deal closes.

Additionally, Nansen intends to take advantage of the acquisition to provide a broader view of the investment scheme in DeFi. The DeFi space has exploded over the past year and it appears that the growth is not coming to an end. Although, the total value locked (TVL) in DeFi protocols has shed around 40% to $113 billion since the beginning of the month. Despite the decline, the TVL stands gallantly at a X6 increase over what it was in January 2021.

Nansen CEO Alex Svanevik commented on the deal with Ape Board, saying:

‘Obtaining data from the cryptocurrency ecosystem, specifically, DeFi protocols and blockchains is complex and fragmented. Across the web3 landscape, investors are forced to utilize an assortment of different tools in order to obtain a singular piece of data that will help inform their investment strategy. With this acquisition, we take a big step towards bringing all the market intelligence a trader, institution, or business needs under one roof.”

Nansen Funding Rounds

Nansen announced that it generated $75 million in a Series B financing round in December. The funding round was backed by some of its existing investors like a16z, Accel, and Tiger Global. Nansen’s valuation moved to $750 million following the December financing. Other backers are Coinbase Ventures, Mechanism Capital, QCP Capital, imToken Ventures, and Skyfall Ventures. The fresh funds came less than six months after the company secured $12 million in its Series A round. At the time, Nansen said it planned to expand its analysis platform and employ new talents with the investments.

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Ibukun Ogundare

Ibukun is a crypto/finance writer interested in passing relevant information, using non-complex words to reach all kinds of audience.
Apart from writing, she likes to see movies, cook, and explore restaurants in the city of Lagos, where she resides.

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