FTX Ventures led the round alongside Y Combinator, Coinbase Ventures, Protocol Labs and Huobi Ventures, and Third Kind
SAN FRANCISCO, July 27, 2022 /PRNewswire/ — Coinfeeds (or “the Company”) today announced that it has raised a $2 million seed round led by FTX Ventures, Coinbase Ventures, Protocol Labs (IPFS/Filecoin), Huobi Ventures and startup accelerator Y Combinator. Coin feeds give users the ability to monitor social media mentions and activity of Web3 and NFT projects, which is beneficial for all Web3 participants, from the average user to professional investors, to the protocol itself in search of health information from its own community.
Coinfeeds was co-founded by Moy Dang (CEO), who has worked as a data scientist at several companies, most recently at Uber, and also managed the first Chinese community at Filecoin, and Bhavya Agarwal (CTO), who has held software engineering positions at companies like Microsoft, Uber, and Robinhood, where he built their machine learning platforms. The pair realized the power of natural language processing (or “NLP”) after creating a news digest bot that quickly became popular in some of the top crypto subreddits. After that they built a News API which is now used by some of the biggest crypto exchanges to show news to their customers. They knew that by applying NLP to the social channels most frequented by the Web3, Twitter, Telegram and Discord communities, they could generate insights into community activity and sentiment that could have a number of applications in end user function.
Moy DangCEO and Co-Founder of Coinfeeds, commented on the news: “Coinfeeds was developed around the idea that Web3 communities are social first. Virtually 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 automatic curation. By leveraging this data, we can not only filter spam, but we can also detect what is important in time. By organizing this information well, we reduce the cost of research, and we reduce the information asymmetry in cryptography, which is very high.”
After joining Y Combinator’s prestigious accelerator program and raising a $2 million Seed boost at an undisclosed valuation, the pair launched the Coinfeeds app which includes free and premium options as well as API support for institutional and business users. While all users have access to Twitter mentions and followers, discord and telegram message activity as well as price and market cap changes, sentiment-based insights are a premium feature that can also be accessible via a free trial. Along with having these metrics for NFT projects and tokens, the app can also provide premium users with information on some of the top crypto investors and breakout projects based on social metrics. The app also includes monitoring crypto twitter daily trending tweets. They also partner with some big crypto projects like Near and Graph to create social monitoring for their communities.
Bhavya Agarwal, CTO and co-founder of Coinfeeds, concluded, “After working with NLP for years, we realized that the technology could be used to deliver actionable insights to Web3 communities. We use it to generate this insight. on the sentiment and activity of all these crypto projects that each have their own way of communicating on different social channels like Twitter, Telegram, and Discord.”
Ramnik AroraGeneral Partner of FTX Ventures, commented on the fundraising: “We view Coinfeeds as a key piece of infrastructure for multiple stakeholders in the Web3 community, from merchants to developers. Moyi and Bhavya’s collective expertise in science data and software engineering has enabled them to leverage NLP to deliver actionable data-driven insights through their recently launched app. We look forward to seeing how users of the platform leverage this insight to make business decisions. more informed investment or improve offerings based on community feedback.
Brad Holdenfund manager at Protocol Labs, commented on the fundraiser: “Coinfeeds is committed to piloting the next generation of analytics tools for Web3, which reduces the cost of research and can integrate the next group of users. It also provides crypto projects with valuable insights into their community and helps those projects make more data-driven decisions.”
Jinbin XieSenior Investment Manager at Huobi Ventures, commented on the fundraising, “The community is especially important for Web3 projects. With their cutting-edge technology in data science and NLP, Moyi and Bhavya help Web3 projects keep community stream and build their DAOs. We expect Coinfeeds to become an essential infrastructure for building DAOs in the Web3 space.”
About coin flows
Coinfeeds is an app that aggregates metrics and insights across different social networks to help businesses, investors, and web3 natives make more efficient, data-driven decisions. The platform leverages natural language processing to monitor and generate insights from major Web3 community social channels such as Twitter, Discord, and Telegram to track sentiment, mentions, followers, and posts. This data is also used to create a custom social graph for each NFT coin or project to identify key opinion leaders and track which projects investors and influencers are tweeting about the most, and which projects they have tweeted about. recently invested. This information and more, including the Twitter Trends Watch, which highlights trending topics and new trends as well as the Breakout Project Watch which flags coins reaching an early momentum signal on Twitter are available through the Coinfeeds app here: https://app.coinfeeds.io/
To learn more about Coinfeeds, please visit our website and Twitter