FTX and Coinbase, two major cryptocurrency exchanges, announced on Thursday that they have invested through their respective venture arms into Coinfeeds, a startup known as the ‘Bloomberg for cryptos’.
According to the press release, the investment was possible through a $2 million seed funding round set by Coinfeeds, a firm dedicated to monitoring social media mentions and activity in the crypto sphere.
Coinfeeds was founded by former Uber data scientist, Moyi Dang and Uber, Robinhood and Microsoft veteran, Bhavya Agarwal.
Using natural language processing, the company generates insights about community activity and sentiment based on social channels most frequently visited by web3 communities, such as Twitter.
“Coinfeeds was developed around the idea that web3 communities are social first. Pretty much all important information is shared through some sort of social platform, which is openly accessible. The way the crypto community shares and engages with information provides auto-curation. By taking advantage of this data, we can not only filter out spam, but we can also pick up on what is important in real-time. By organizing this information well, we lower the cost of doing research, and we lower information asymmetry in crypto, which is very high,” Moyi Dang, the CEO and Co-Founder of Coinfeeds, commented.
Coinfeeds Features
As part of Y Combinator’s accelerator program, Coinfeeds has launched an app with free and premium options, as well as API support for institutions and professionals.
In addition to price and market cap changes, users can view Twitter mentions and followers, Discord and Telegram message activity. However, premium features include sentiment-based insights. Additionally, the app provides insights on some of the top crypto investors and breakout projects based on social metrics, in addition to these metrics for NFT projects and tokens.
