UAE-based crypto investment firm Cypher Capital has co-led a $2.4 million investment round in German blockchain company bitsCrunch.

The investment is in line with the company’s commitment to support Web3 infrastructure and applications that help drive the new digital economy, a statement said on Wednesday.

Powered by artificial intelligence (AI), bitsCrunch is a decentralised NFT data platform that enables developers to build NFT applications.

It provides tools that analyse blockchain transactions, detect wash trades and offer fair price estimates for NFTs, among others, thus helping investors make better decisions about crypto assets.

“They are solving the transparency problem in the NFT space through AI and data analytics, which will further enhance the user experience and trust,” said Bill Qian, Cypher Capital Chairman.

The German firm is also backed by Coinbase Ventures, Animoca Brands, Chainlink, Capital, Morningstar Ventures and Shima Capital, among others.

(Writing by Cleofe Maceda; editing by Seban Scaria )