A wannabe Bloomberg of crypto is connecting investors directly with the teams working on the hottest tokens
- Blockfolio, an app crypto investors can use to view their investments, has raised $3 million in funding.
- The money is going towards a new service that'll connect investors with the teams behind certain tokens.
- The company, which boosts 4 million users, is gunning to be the Bloomberg for crypto.
Blockfolio, a popular platform crypto investors use to check their holdings, is aiming to be the Bloomberg for crypto.
The firm, which announced Thursday the close of a $3 million in venture funding round, has taken its first big step towards its lofty vision with the launch of Signal, a new service that will allow cryptocurrency development teams to send information directly to investors on the Blockfolio app.
Cryptocurrencies have development teams behind them that are working on software updates, expanding into new markets and listing on new exchanges. Signal will allow those development teams to send information, such as protocol updates or new hires, directly to investors on the Blockfolio platform. Blockfolio will then vet developers and the information they send to ensure their veracity.
Typically, crypto investors rely on Telegram or Twitter for such information, but sometimes those platforms can be unreliable or false, says Blockfolio chief executive Ed Moncada.
In an exclusive interview with Business Insider, Moncada said the new Signal feature will cut out misinformation, PR-hype, and bias.
"With Signal, we mainline important team information directly to users. Signals come straight from the token team leadership, free of the noise and toxicity that we so often see in the current communication channels used by the global crypto community," Moncada said.
"Just like how the feed is so valuable on Facebook and LinkedIn, the feed will become the center point of Blockfolio," Moncada added.
In the long-run, Moncada sees the firm becoming a central hub of data and information for the crypto world just as Bloomberg serves such a function in the broader financial markets.
"We want to be the de facto communication network," Moncada said. "The hub of breaking information."
20 development teams are participating, including Dash, aelf, and Digibyte. Moncada said other teams have expressed interest.
Participants in Blockfolio's funding round include include DCM, which previously has invested in companies such as SigFig, the fintech company. Other participants include Playground Ventures and L2 Ventures.