%Cryptocurrency exchange %Coinbase ($COIN) is backing a new %Web3 search engine start-up that has been launched by a former %Google ($GOOGL) executive.
Sridhar Ramaswamy, who led Google’s $150 billion U.S. a year online advertising business from 2013 to 2018, has started a new company called %NXYZ that aims to make searching the %Blockchain easier.
The new search engine has attracted $40 million U.S. in funding from several top venture capitalists, as well as Coinbase.
Nxyz was conceived earlier this year by a team of engineers. The company is described as “an experiment bringing a user-first ethos to Web3.”
Web3 refers to the idea of a more decentralized version of the internet powered by cryptocurrencies, nonfungible tokens (%NFTs), and other technologies.
Web3 focuses on placing ownership of data in the hands of users instead of technology companies that use people’s personal information to target them with advertisements.
Nxyz searches blockchains and associated applications for sought-after data on things such as how much someone holds in their cryptocurrency wallet, or what NFTs they’re buying. It then streams this data to developers using tools called APIs.
The platform currently supports the %Ethereum ($ETH), Polygon, and Binance networks.
Unlike Google, nxyz’s Web3 search software isn’t targeted at consumers. Rather, it offers clean blockchain data to large cryptocurrency firms such as Coinbase.
The approach is similar to how Bloomberg sells Wall Street firms access to financial data and news with its terminals.
Nxyz’s launch comes as cryptocurrency investors suffer major losses as the prices for digital coins and tokens such as %Bitcoin ($BTC) and Ethereum have plunged more than 70% from their all-time highs reached a year ago.
The current market downturn has led to a tougher environment for cryptocurrency and blockchain start-ups to raise capital. Pitchbook data shows that venture capital investments in crypto firms declined 37% to $4.4 billion U.S. in this year’s third quarter.
Nxyz currently has about 20 employees who are split between Mountain View, California; Austin, Texas; and New York City.
So far this year, Coinbase’s stock has declined 72% to trade at $70.16 U.S. per share.