(Bloomberg) -- Blockchain data-analytics firm Nansen has bought a top portfolio tracker in the decentralized-finance and nonfungible-token space and says it has aggressive growth plans in what could be a consolidation period for cryptocurrencies in the next year or so.
- Terms weren’t disclosed, though Nansen said it’s an eight-figure deal in US dollars. No regulatory approvals are needed, according to Nansen.
- The next 12 to 18 months will likely mark a consolidation period for crypto, according to a Nansen representative; the firm has a war chest and plans to continue being aggressive with growth to build an all-in-one market-intelligence platform.
- “Obtaining data from the cryptocurrency ecosystem, specifically, DeFi protocols and blockchains is complex and fragmented,” said Alex Svanevik, CEO of Nansen; “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.”
- The NFT market has been tepid lately; while total dollar volume traded was up 13% in the first quarter from the prior quarter, the qualified volume of dollars traded dropped 4.6% and active wallets tumbled 25%, according to a report from Nansen.
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