Blockchain data provider Allium Labs has raised $16.5 million in a Series A round led by Theory Ventures.

Allium Labs along with Visa also released its latest findings on stablecoin activity showing that demand for stablecoins has picked back up in 2024.

Data platform Allium Labs, which provides enterprise-grade blockchain data to companies like Visa, Stripe and Uniswap Foundation, has raised $16.5 million in a Series A funding round, it announced Thursday.

The funding round was led by venture capital firm Theory Ventures whose founder Tomasz Tunguz will join the board as part of the investment. Tunguz said “The demand for cryptocurrencies and tokens has just started” and that Allium will provide the data to “foster broader adoption.”

Seed investors Kleiner Perkins and Amplify Partners also participated. Allium Labs has now raised a total of $21.5 million which it plans to invest in data infrastructure and its go-to-market motion to offer services that will allow financial institutions to embrace digital assets, the company said.

“Currently, something as essential as accurately tracking digital currency volumes requires continually normalizing data across 40+ blockchain networks and parsing thousands of smart contracts, equating to petabytes of data,” said Ethan Chan, CEO and Co-Founder of Allium. “Our goal is that our customers never need to worry about any of this.”

Allium Labs has previously partnered with Visa to create the Visa OnChain Analytics Dashboard, which currently focuses on providing clear insights into stablecoin activity. Their latest findings released on Wednesday found two major trends; demand for stablecoins has picked back up in 2024, with circulating supply approaching $150 billion; and there’s a steady growth of monthly active stablecoin users, with 27.5 million monthly active users across all chains.

Another finding revealed an improvement in the discrepancy between total transfer volume and bot-adjusted transfer volume. Their report from May 2024 said that of about $2.2 trillion in total transactions in April, just $149 billion originated from “organic payments activity.” Wednesday’s findings showed that of about $2.65 trillion of the transfer volume from the last 30 days as much as $265 billion was “organic.”

“The Visa OnChain Analytics Dashboard is designed to enable our clients to better understand this activity, and we look forward to continuing to iterate on our dashboard and metrics with partners like Allium to help our clients as they explore use cases and opportunities for stablecoins in the payment ecosystem,” said Cuy Sheffield, Head of Visa Crypto.

Read More: Less Than 10% of Stablecoin Transaction Volume Coming from Real Users: Report