Blockchain data analytics platform Nansen has announced a multi-year extension of its partnership with Google Cloud to provide Web3 investors with real-time access to the highest quality market data. Using the open, secure, scalable, and carbon-neutral cloud infrastructure and data services provided by Google Cloud, Nansen hopes to boost its next phase of global expansion and position itself as the ultimate Web3 information "super app" by introducing new product lines that serve new audiences.
Founded in 2020, Nansen is a leading provider of high-quality market intelligence for retail investors as well as institutional investors like Acheron Trading, Polychain, and Three Arrows Capital, all of which are headquartered in Silicon Valley. In addition, Siam Commercial Bank subsidiary SCB 10X and Singaporean sovereign wealth fund GIC have invested in Nansen. Nansen is expanding its database management capabilities to include 10 new blockchains and provide insight into rapidly rising segments of the non-fungible-token (NFT) market to assist users discover and assess investment opportunities on trending smart contract platforms and digital assets.
The low-latency lookups and dynamic auto-scaling capabilities of BigQuery allow us to analyse up to one petabyte of on-chain transactions data per day, extract millions of easy-to-understand labels that show users where the 'smart money' is going, and increase our subscriber base by 20 times in the past year. "This has made us Google Cloud maximalists," stated Alex Svanevik, Co-founder and CEO of Nansen. By bringing together all the market intelligence that individual or organisation needs in one place, we're doubling down on Google Cloud to remain ahead of numerous growth aspects."
Creating a Future-Proof Information and Transactions Hub for Web3
70% of institutional investors plan to invest in digital assets in the near future, according to a Fidelity Digital Assets survey. Nansen is merging Google Cloud's sophisticated analytics and granular computing capabilities with institutional-grade application programming interfaces to give clients with actionable insights that improve decision-making. For market makers, hedge fund managers, and asset managers who have programmatic access to Nansen's unique data, they may train their own algorithms to predict market moves, generate bespoke reports, and do due diligence - all within their mandated IT systems and visualisation tools.
To become a Web3 transaction gateway, Nansen will use Google Cloud's dedicated node deployment and hosting service to connect to selected Layer-1 blockchain protocols and leverage Google's web and mobile application development platform to provide investors with an aggregated view of their portfolios across multiple Web3 native wallets, such as Coinbase, MetaMask, Rainbow, Trust Wallet and imToken. To use the Nansen platform for over-the-counter (OTC) trading, investors will need to communicate with one another.
According to Accel Partner Andrei Brasoveanu: "Web3 is not only going to permanently impact banking, but also it will become the fabric of gaming, culture, art, entertainment and music, with its total addressable market expanding further in the years to come." "Nansen, with its founders' significant technical experience and close partnership with Google Cloud, is establishing an all-in-one platform for investors to identify quality from hype, emerge as winners, and help the industry flourish." In light of the company's recent Series B funding, we're thrilled to be a part of the next stage of its growth and development.
Providing Continuous Actionable Insights to a Distributed Workforce
When Ape Board, a portfolio tracking firm recently bought by Nansen, joined the company, Nansen needed a way to onboard the Ape Board team and allow its 35-country workforce to safely interact, develop, and collaborate. Powered by the industry's leading cloud-native communication and collaboration platform, Google Workspace brings together the applications people know and love—like Gmail, Docs and Sheets—into a single integrated workspace with built-in enterprise-grade access management, device management, data protection, and data encryption to establish a secure remote working environment from anywhere, on any device..
Nansen's engineering, development, and data science teams have grown by a factor of two in the last year, allowing them to focus on creating new services that provide value to the company rather than managing a large IT infrastructure.
Nansen employs streaming analytics to handle massive volumes of data, but it must also curate – from its "data firehose" – the 1% of information that is tailored to each user's preferences. It's possible to re-deploy engineers to projects that require human creativity while still delivering notifications of relevant events and trends—called Smart Alerts—to help investors protect their positions in real time using Google Cloud's automated workflow orchestration, data filtering, and messaging delivery technologies.
"We take great pride in releasing new updates as quickly as possible. There are six NFT Indexes to choose from and the design of each new feature may be completed in a few hours, then tested in stealth mode and rolled out to the general public in an efficient manner. By eliminating the need for any manual backend setups, Google Cloud's ability to deploy and upgrade applications with minimal downtime has been a game changer. According to Svanevik, it's the ideal fit for their agile product development cycle.
NFT Price Estimator is another example of Nansen's technical expertise being put to good use. Nansen's data scientists resorted to Google Cloud's Vertex AI to bring the functionality to life in weeks rather than spend months creating ML pipelines from scratch to provide investors with price forecasts for any individual NFT.
In the beginning, ML-powered features like price estimations are excellent. However, we feel that a solid technological foundation – with skilled Site Reliability Engineers to reduce overheads – is required before diving into artificial intelligence (AI). In terms of infrastructure, data, and talent, Nansen is now well-tested and mature enough to actively utilise services like Cloud Inference API and TensorFlow. We intend to make significant progress in establishing predictive modelling and recommendation systems over the coming few months, in order to surface additional AI-driven investment signals that will increase the creation of value across the Web3 community," added Svanevik.
Ruma Balasubramanian, Managing Director, Southeast Asia, Google Cloud, remarked that "Nansen's goal to organise vast volumes of blockchain data to surface signals and make them widely accessible and helpful coincides with Google's mission." Nansen says: "We are delighted to partner with you and contribute to your business momentum with our open, secure, scalable, and sustainable cloud infrastructure, data services,"