Cryptocurrency startup Coinfeeds raises $2m seed round, launches Web3 community monitoring app
Coinfeeds 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. Coinfeeds give users the ability to monitor the 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 looking for insights on the health of its own community.
Coinfeeds was co-founded by Moyi Dang (CEO), who has a background working as a data scientist at multiple firms, and most recently at Uber, and also managed the early Chinese community at Filecoin, and Bhavya Agarwal (CTO), who had tenures as a software engineer at firms like Microsoft, Uber, and Robinhood, where he built their machine learning platforms. The pair realized the power of natural language processing (or "NLP") after building a news summary bot that quickly became popular in some of the top crypto subreddits. After this, they built a news API that is now used by some of the largest crypto exchanges to show news to their customers. They knew that by applying NLP to the social channels most frequented by web3 communities, Twitter, Telegram, and Discord, they could generate insights about community activity and sentiment that could have a number of applications depending on the end user.
Moyi Dang, CEO and Co-founder, Coinfeeds: "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."
After joining Y Combinator's prestigious accelerator program and raising a $2 million seed raise at an undisclosed valuation, the pair have launched the Coinfeeds app which includes free and premium options alongside API support for institutional and professional users. While all users have access to twitter mentions & followers, discord, and telegram message activity alongside price and market cap change, sentiment-based insights are a premium feature that can also be accessed via a free trial.
In addition to having these metrics for NFT projects and tokens, the app can also provide premium users with insights on some of the top crypto investors, and breakout projects based on social metrics. The app also includes monitoring of daily trending tweets across crypto twitter. They are also partnering with some major crypto projects like Near, and the Graph to build out social monitoring for their communities.
Bhavya Agarwal, CTO and Co-founder, Coinfeeds: "After working with NLP for years we realized the technology could be used to provide actionable insights for web3 communities. We use it to generate these insights about sentiment and activity about all these crypto projects that each have their own unique way of communicating across different social channels like Twitter, Telegram, and Discord."
Ramnik Arora, General Partner, FTX Ventures: "We view Coinfeeds as a key piece of infrastructure for multiple stakeholders in the web3 community from traders to developers. Moyi and Bhavya's collective expertise in data science and software engineering have allowed them to harness NLP to provide actionable data-based insights via their recently launched app. We look forward to seeing how users of the platform leverage these insights to make more informed investment decisions or enhance offerings based on community feedback."