Crypto and nonfungible token (NFT) ecosystem analytics company BitsCrunch has reportedly managed to acquire $3.6 million in capital injection via fundraising for NFT analytics tools. 

Specifically, via the funding round – led by Animoca Brands, Coinbase Ventures, Crypto.com Capital and others – BitsCrunch will reportedly dedicate the newly acquired capital towards advancing its AI-based analytical tools to determine the fair price of NFTs, identify wash trading warnings and whether an NFT is a copy or forgery of the genuine asset. 

The firm currently has two offices operating in Germany and India.

Per the company, investors in the sector that witnesses undisrupted growth will reportedly require an enhanced level of access to data, which offers safeguarding against fakes and getting fooled by ingenuine trading volume.

Head of BitsCrunch, Vijay Pravin Maharajan, reportedly revealed that at the moment, his firm offers facilitating features for NFTs on Ethereum (ETH), Polygon (MATIC) and Avalanche (AVAX).

He further has plans down the pipeline to utilize the capital “to expand the team that can focus on securing many prominent blockchains like Solana (SOL), Polkadot (DOT), Algorand (ALGO) and others.” 

The company previously disclosed its hopes on February 23rd that the new additions will make the “whole ecosystem more trustworthy & secure for the community.”

Animoca Brands, the round’s leading investor, has reportedly been among the top prolific VC entities making investments in the NFT sphere. In January, its overall value hit $5 billion because of the level of profit in its investment portfolio, which includes Axie Infinity, The Sandbox and many other NFT-based initiatives. 

Animoca co-founder Yat Siu stated in a Frida announcement that BitsCrunch is in a good position to offer assistance towards investors in making informed investment decisions, and also can “contribute meaningfully to the safety and security of the emerging open metaverse.”