Big Bucks for Blockchain

In a bold move that might just spark the interest of others in the crypto universe, blockchain analytics firm Elementus has trumpeted a $3.5 million funding boost. This injection of cash didn’t come from random folks with spare dollar bills lying around but from some heavyweight players in the crypto space, including a sister company of none other than Fidelity Investments.

Morgan Creek Digital Takes the Lead

The latest round of financing was spearheaded by Morgan Creek Digital, the crypto-focused asset management firm co-founded by the well-known Anthony Pompliano. With Pompliano’s finger on the pulse of all things blockchain, it’s no wonder these funds found their way to Elementus. Joining the ranks of Morgan Creek were Stage 1 Ventures and Robot Ventures, proving that even in the world of digital currencies, teamwork makes the dream work.

Fidelity’s Sister Shows Up

While most siblings fight over the last slice of pizza, Avon Ventures, Fidelity’s private equity subsidiary, has decided to invest in the booming blockchain analytics sector. It’s a match made in heaven—or at least a cozy lunch—since both parties are looking to understand an ever-complex cryptocurrency landscape.

A History of Investment

You might be asking, “This isn’t their first rodeo, right?” Well, that’s correct! This $3.5 million is just the second time Elementus has dipped into the funding pool, previously securing $800,000 back in April 2018. Each investment fuels their mission to shed light on the dark corners of cryptocurrency transactions. After all, someone needs to determine where all that digital cash is going!

Illicit Activities in the Hot Seat

Elementus is hot on the trail of the questionable practices occurring in the cryptocurrency world. Just last month, they exposed how certain exchanges dealt with proceeds believed to be linked to the notorious PlusToken Ponzi scheme. With the rise of scams and shady dealings, companies like Elementus are kind of like the Sherlock Holmes of the blockchain, albeit with less pipe smoking.

The Dwindling Interest in Blockchain

However, before we pop the champagne, it’s worth mentioning that there’s a cloud of uncertainty looming over the blockchain investment sphere. According to Crunchbase data, investments in blockchain—notably outside Bitcoin—have plummeted by a staggering 60%. An analyst from CB Insights even suggested that the honeymoon phase for blockchain tech might be coming to an end. Ouch! Looks like not everyone’s on the blockchain train anymore.