AllianceBlock signs an agreement with Crunchbase to bring traditional business data to DeFi

AllianceBlock, a blockchain-independent platform created to connect trade finance (TradFi) and decentralised finance (DeFi). It has agreed to incorporate data from Crunchbase, a business information platform for private and public companies, into its ecosystem.

The transaction marks Crunchbase's first entry into the cryptocurrency market. The company's data, which includes details on investment rounds and profitability, will first be accessible to users of AllianceBlock's Data Tunnel. Users can publish, share, and consume data in a number of formats through the tunnel.

When this collaboration gets going, Crunchbase will join the volatile Web3 space, where its data streaming tools will boost Data Tunnel by AllianceBlock. A game-changing application, Data Tunnel is expected to speed up innovation in the fields of Web3 and DeFi.

AllianceBlock's CEO highlights the importance of this collaboration

According to Rachid Ajaja, CEO and co-founder of AllianceBlock, "the buying and selling of data is a multibillion dollar growth business that shows no signs of slowing down." However, up until now, users and providers of both traditional and decentralised data have worked separately and have been unable to communicate.

The agreement comes after AllianceBlock's most recent collaboration with investment company-ABO Digital, to provide institutional and individual customers with a number of tokenised investment products.

As Bonq, a decentralised borrowing system, was hit with an exploit worth about $5 million last month, the AllianceBlock token (ALBT) fell by 51%. In response, AllianceBlock stopped trading the token, took a snapshot, and then released a new token to replace the legacy ALBT.

Combining traditional and decentralised services

AllianceBlock and Crunchbase's partnership will make DeFi opportunities available to the 75 million dealmakers who use Crunchbase. The data collector itself will also make use of DeFi's disruptive potential.

In order to handle common problems in the digital business, create a trustworthy data ecosystem, and increase confidence, Web2 and Web3 services must work in perfect harmony. Users of Data Tunnel can now construct innovative technical designs like default probability models, frameworks for customer interaction, maps of unexplored markets, and more.