• Wed, 21 Aug 2019, 02:41 AM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

Coinbase Ventures, Digital Currency Group lead Flipside Crypto’s seed funding round

Fri, 30 Nov 2018, 04:29 am UTC

Cryptocurrency analytics startup Flipside Crypto has closed its extended seed funding round on November 21 in which it raised $4.5 million, CoinDesk reported.

The funding has been co-led by Coinbase Ventures and Digital Currency Group. Other investors in this venture round include Fintech data Executive, Jeff Parker, as well as previous shareholders True Ventures, Boston Seed Capital and Castle Island Ventures.

Flipside Crypto was founded last year by Dave Balter, Eric Stone and Jim Myers, who previously built Smarterer, a machine-learning skill assessment platform that was acquired in 2014 by Pluralsight. True Ventures led the initial investment in Flipside Crypto, the third company they've backed by this founding team.

The platform utilizes blockchain transaction data, developer activity and trading signals to characterize cryptocurrencies. It produces two major outputs:

  • Flipside Crypto Asset Score (FCAS): A relative ranking of an individual crypto asset. It is a single, consistently comparable value for measuring cryptocurrency project health. FCAS, and associated data, is made available to retail investors and entrepreneurs via Flipside Crypto's Coin Health Library.
  • Flipside Index Score (FINS): A relative ranking of a thematic group of crypto assets.

"We're thrilled to add Coinbase and Digital Currency Group to our roster of investors, as we further establish a standard for cryptocurrency evaluation and measurement," said Flipside Crypto CEO, Dave Balter.

"The cryptocurrency market is maturing and institutional and retail investors are becoming more sophisticated, seeking information beyond market cap and pricing data to understand cryptocurrency projects. FCAS provides a simple, easy-to-understand way to go 100x deeper than before."

In an online post, Balter said:

“We’ll be accelerating the distribution and availability of FCAS, the scoring system which provides a single, consistently comparable value for measuring the health of cryptocurrency projects. Keep an eye out for FCAS appearing in a number of outlets shortly.”

CoinDesk reported that more than 100 investors have used these metrics from the platform’s closed beta.

Flipside Crypto has entered into a partnership with investment bank Canaccord Genuity in order to create detailed evaluation reports. Balter told CoinDesk that several institutions have expressed their willingness to partner with the company when the platform launches publicly early next year.

According to Balter, only the top 100 cryptocurrencies have any real traction at the moment. He stressed that analyzing blockchain activity and developer contributions can help provide a holistic viewpoint on how an asset is maturing.

“Price is an ineffective tool for understanding the value of these assets,” Balter told CoinDesk. “What you really need to pay attention to is, are customers using this product? How is that changing? And are developers actually building?”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $10,697.10 (-1.59%)
  • Ethereum (ETH) $194.64 (-3.16%)
  • XRP (XRP) $0.273400 (-2.45%)
  • Bitcoin Cash (BCH) $314.14 (-2.72%)
  • Litecoin (LTC) $75.30 (-1.77%)
  • Bitcoin (BTC) $10,697.10 (-1.59%)
Aug 20, 2019 (Tuesday)
14:02
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:14
HSBC inks agreement to tap Identitii’s blockchain-based information exchange platform ‘Overlay+’
11:59
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:29
Crypto Technicals: XRP/USD fails at 21-EMA, resumes weakness with 'Doji' formation
10:29
Israeli regulator seeks to expedite licensing procedures for fintech and blockchain firms
10:26
Crypto Technicals: Litecoin treads water below 200-DMA, bias bearish
09:26
bitFlyer teams up with Tpoint Japan to rollout bitcoin rewards program
09:03
Crypto exchange startup INX Limited eyes $129.5M IPO, marking the first SEC-registered security token sale
08:00
New York court denies Bitfinex, Tether's lack of jurisdiction claim
07:16
Crypto Technicals: BTG/USD recovery lacks traction, weakness likely to continue
07:15
Ethereum Foundation launches Korean version of its website, announces large-scale translation program
06:39
Crypto exchange BitMEX to block users in from Seychelles, Hong Kong, Bermuda
06:35
Cybersecurity veteran David Damato joins crypto exchange Gemini
05:42
Deloitte unveils demonstrational platform for blockchain solutions
05:36
Crypto Technicals: ETH/USD consolidates break above 200H SMA, potential 'Golden Cross' raises scope for upside
04:36
Crypto custodian BitGo poaches new Chief Revenue Officer from rival Xapo
03:50
97% of South Korean crypto exchanges on the verge of bankruptcy; blockchain startups now want to go overseas: Report
03:41
Philippines' central bank approves 2 new cryptocurrency exchanges
03:38
Association of Cryptocurrency Enterprises and Startups, Singapore rolls out new Code of Practice
Aug 19, 2019 (Monday)
13:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft