Nansen Acquires DeFi Portfolio Tracker to Enhance Web3 Capabilities

• Ape Board allows users to track their yield farming assets across blockchain networks
• Nansen said it was targeting an acquisition following its $75 million Series B funding round in December

Blockchain data analytics platform Nansen has acquired DeFi portfolio tracker Ape Board to bolster its Web3 data capabilities.

The acquisition, which was announced at Blockworks’ Permissionless conference on Tuesday, closed earlier this month. The terms of the deal were not disclosed.

Nansen — which began building its platform in 2019 to help users learn more about the wallets conducting on-chain transactions — combines on-chain data with a growing database of millions of wallet tags.

Founded last year, Ape Board lists nearly 400 protocols across 33 blockchains and an exchange. The cross-chain decentralized finance (DeFi) dashboard allows users to track their yield farming assets on any network and automatically calculate their net worth.

The acquisition will help Nansen become “web3’s definitive information super-app,” the company said in a press release. It will also drive future adoption of features such as portfolio tracking, programmatic access to on-chain data, and Web3-native communications.

Nansen CEO Alex Svanevik said obtaining data from DeFi protocols and blockchain is complex and fragmented.

“Across the Web3 landscape, investors are being forced to use a number of different tools to get a single piece of data to help inform their investment strategy,” Svanevik said in a statement. “With this acquisition, we are taking a major step towards bringing all the market information that a trader, institution or company needs under one roof.”

The acquisition follows Nansen’s $75 million Series B funding round in December, which was led by Accel, GIC, a16z, Tiger Global, SCB and 10X. The company raised $12 million for its Series A in June.

Svanevik said after the recent fundraiser it would hire more team members and seek strategic acquisitions. The CEO added that the company will spend 2022 focusing on offering institutional clients access to its on-chain data programmatically.

Get the day’s top crypto news and insights delivered to your inbox every night. Subscribe to Blockworks’ free newsletter now.

• Ben Strack Ben Strack is a Denver-based reporter covering macro and crypto native funds, financial advisors, structured products, and the integration of digital assets and decentralized finance (DeFi) with traditional finance. Before joining Blockworks, he covered the wealth management industry for Fund Intelligence and was a reporter and editor for various local Long Island newspapers. He graduated from the University of Maryland with a degree in journalism. Contact Ben via email at [email protected]

Learn Crypto Trading, Yield Farms, Income strategies and more at CrytoAnswers
https://nov.link/cryptoanswers