Flipside Crypto, a firm that utilizes blockchain transaction data, developer activity and trading signals to characterize cryptocurrencies, has added Coinbase Ventures and Digital Currency Group as investors. Previous investors True Ventures, Castle Island and Boston Seed Capital also joined the round.
Flipside Crypto’s data produces the Flipside Crypto Asset Score (FCAS), 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.
“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.”
“Crypto exchanges and blockchain networks generate massive amounts of raw data, and the volume of such data will explode in the coming years as the technology sees broader adoption,” said Travis Scher, VP Investments, Digital Currency Group. “We anticipate there will be significant demand for products and services that can help investors and entrepreneurs understand this data, and Flipside Crypto is leading the charge with some of the most sophisticated and interesting data tools in the market. We’re excited to support them, and expect big things from Dave and his team.”
Emilie Choi, VP Corporate and Business Development of Coinbase, added, “Coinbase Ventures supports companies that we believe can bring us closer to our mission of creating an open financial system for the world. We think that Flipside Crypto and its unique approach to tracking utility and developer activity for cryptocurrencies will have a significant and beneficial impact on the industry as a whole. We couldn’t be more thrilled to be a partner for Flipside and its leadership team in its next phase of growth.”
Flipside Crypto was founded in 2017 by veteran entrepreneurs 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 cryptocurrency market continues to evolve, and we’re still in early innings,” said Adam D’Augelli, partner at True Ventures. “We’re thrilled to get behind a business that’s defining how major institutions will analyze cryptocurrency projects. Plus, we’ve worked with Dave and the team across multiple companies and for nearly a decade. They’re fantastic at building compelling data products, and it felt natural to work with them again.”
