Bloq Buys Blockchain Analytics Firm Skry in First Acquisition

Bloq has acqui-hired blockchain analytics startup Skry in a move aimed to boost its analytics offering.

AccessTimeIconFeb 27, 2017 at 2:01 p.m. UTC
Updated Sep 11, 2021 at 1:07 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Blockchain analytics startup Skry has been acqui-hired by Bloq.

Though few details have been initially disclosed, the deal was closed late last week, bringing both the assets and team behind Skry under the Bloq umbrella.

The acqui-hire is Bloq’s first since its launch in early 2016, backed by $250,000 in funding by Tally Capital – the VC fund of which Bloq co-founder Matthew Roszak is founding partner.

The news comes months after Skry, originally known as Coinalytics, rebranded and moved to service the broader blockchain market. In statements, Bloq said that it plans to utilize the tools and skills developed at Skry as it looks to expand in the enterprise blockchain market.

According to Bloq co-founder and CEO Jeff Garzik, the move complements existing work already underway at the startup.

He told CoinDesk:

"The whole thing behind Bloq is we have a wide stack that are sold together as one unit. And this gives us a real acceleration of the analytics offering... The Skry team and Skry intellectual property and software are really going to give that a jumpstart. We were building out an analytics platform and this is an additive to that package."

Skry – which was founded in 2014 and raised $1.1m in 2015 – was one of the early entrants in the bitcoin analytics marketplace, providing risk assessment services to exchanges and wallet services. The idea, according to Bloq, is to use that approach as part of a broader pitch to the enterprise space.

Last year, the firm joined professional services firm PwC, along with blockchain startups Libra and Netki, in launching a platform called Vulcan Digital Asset Services, aiming to create a hub for the development of new kinds of digital assets.

"We’re looking at private blockchains, permission blockchains analytics... We’re going to implement it across multiple blockchains," said Garzik.

Speaking to CoinDesk, Roszak indicated that the analytics component was a "key piece" of that approach, adding:

"Without analytics you’re missing a key piece to the puzzle to know how the blockchains are behaving."

Disclosure: CoinDesk is a subsidiary of Digital Currency Group, which has an ownership stake in Bloq.

Blocks image via Shutterstock

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.