The platform offers several key features including safety checks, holder and airdrop analysis, social sentiment, pending transactions and market navigation.
Its fundamental objective is “to elevate the experience for crypto and DeFi users of all experience levels,” the company said in a statement.
CoinScan further suggested that better access to data in the cryptocurrency sector could have helped avoid the almost $1bn lost to crypto exploits, hacks and scams this year alone.
The platform prides itself on its range of safety features, as well as using transparent data pulled from multiple sources “to provide the deepest charting insights available on the market.”
It is also the first to bring a pending transactions feature to the market in a user-friendly format, it said, giving traders insights into the price action of a token before transactions fully complete.
“This gives users an unprecedented advantage, as they can essentially see into the future,” the firm said.
“No one wants to spend all of their time researching and analysing blockchain transactions and social media just to avoid getting scammed. The bar for crypto data was very low, so we built the platform that we wished we had,” said CoinScan CEO Eliran Ouzan.“We’re not just giving traders an edge, we’re introducing tools that allow new investors to enter the market with free, accessible, unbiased information that will allow them to succeed.”
The $6.3m in new funding has been raised from a variety of high-profile investors including DraftKings’ largest individual shareholder and founder of SBTech, Shalom MecKenzie.
Since SBTech merged with DraftKings in 2020, MecKenzie has turned his focus towards the cryptocurrency and web3 industries.
Other CoinScan investors include Playtech CEO Mor Weizer, alongside the supplier’s head of business development and M&A, Roy Samuelov.
Other investors include Shy Datika, founder and CEO of cryptocurrency-focused company INX Limited.
Also taking part in the funding round were Tel Aviv-based VC firm iAngels, and publicly listed web3 firm Tectona.
SBTech founder MecKenzie said: “Crypto, much like sports betting, should give people the tools and data to make their own assessments about risk and reward.
“CoinScan is introducing a hub of crypto information that users can finally trust for accurate, real-time insights. I see CoinScan as becoming the home page for anyone involved in the crypto industry.”
Tectona chairman Yariv Gilat added: “CoinScan is leading the charge in bucking crypto’s negative reputation by providing better access to data directly from multiple sources.
“The platform provides unmatched safety features that make me optimistic for the industry’s future growth, and we’re thrilled to support CoinScan on their mission.”