Bubblemaps is set to launch its own crypto token, BMT, to support a new community-driven platform called the Intel Desk.

The company announced the news on Tuesday, intending to foster a collaborative environment for crypto investigations.

Founded in 2021 by Nicolas Vaiman, Bubblemaps focuses on transforming blockchain data into interactive visual experiences. In 2023, the company secured $3.2 million in a seed funding round to enhance innovation in blockchain data analysis.

The BMT token will have a maximum supply of 1 billion units and will be launched on the Solana blockchain. This initiative aims to incentivize users to engage in the platform by participating in activities such as voting on priority investigations and managing resource allocation for investigative efforts.

Bubblemaps’ approach to launching a token is seen as a distinctive strategy within the blockchain analytics sector. Competitors like Chainalysis have successfully operated without utilizing tokens, opting instead for traditional business models.

Chainalysis was valued at $8.6 billion in 2022 and is viewed as a potential candidate for an initial public offering (IPO) in 2025.