Flipside Crypto Raises $7.1 Million in Venture Funding Led By Galaxy Digital Ventures

Boston, Massachusetts -  September 24, 2019 -- Flipside Crypto, a business intelligence firm servicing cryptocurrency and blockchain organizations, announced today that it has raised $7.1 million in a  Series Seed Prime financing, valuing the company at $32.1 million. 

The financing round was led by Galaxy Digital Ventures with participation from Collaborative Fund, CMT Digital and Avon Ventures, a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments. Previous investors True Ventures, Founder Collective, Digital Currency Group, Castle Island and Boston Seed all participated in this financing round as well. The capital will be used to expand the team and augment Flipside Crypto’s data science and analytics capabilities designed to help cryptocurrency organizations grow.

“Earlier this year, sophisticated cryptocurrency organizations began realizing their technical visions, and now have moved to operating more like other types of businesses,” said Dave Balter, CEO of Flipside Crypto. “As this market matures, so does the requirement to understand customers and revenue drivers, and Flipside’s solutions are uniquely designed to aid cryptocurrency and blockchain businesses understand how to grow. We couldn’t be happier to add Galaxy Digital Ventures, Collaborative Fund, CMT Digital and Avon Ventures as investment partners, supporting our vision and playing a key role in helping the cryptocurrency industry to blossom.”

Flipside’s ChainWalker Blockchain Parsing Service enables the easy extraction and decoding of blockchain data to provide unparalleled insights.  Chainwalking provides customers with in-depth understanding of the impacts of on- and off-chain activities on speculators, holders, miners, stakers and token customers. It also provides capacity to understand how these activities directly influence price positively or negatively. More than 25 blockchains have been parsed including Algorand, KIN, AION, DASH, Ontology, VeChain and Steem, as well as Bitcoin and Ethereum.   

“Blockchains, the organizations that support them, and the applications that build on them are first and foremost businesses that need customers and revenue to succeed,” said Greg Wasserman,  Head of Venture at Galaxy Digital Ventures.  “There is a strong demand for analytics that help these companies tie off-chain activities to on-chain results and price, which is exactly what Flipside provides. We’re thrilled to partner with Dave, Jim, Eric, and the rest of the team to execute on this powerful vision.”

Portions of Flipside Crypto’s data are also distributed as the FCAS ratings system, which stands for Fundamental Crypto Asset Score.  FCAS provides insights regarding the fundamental health of more than 520 cryptocurrencies. To date more than 75 cryptocurrency organizations have signed up to receive Flipside Analytics, a free suite of business intelligence services for cryptocurrency projects.  More than 2,500 customers utilize FCAS Tracker, a solution for investors to track FCAS and its subcomponents. FCAS is distributed via partners such as CoinMarketCap, Messari, MarketWatch on StockTwits and TheStreet.

“Outside all the buzz and volatility of the trading markets, there are teams like Flipside Crypto that are building the necessary infrastructure and analytics tools to help crypto projects grow and mature as mainstream businesses,” said Sachin Patodia, venture partner at Avon Ventures.  “We’re excited to help Flipside build robust ‘picks and shovels’ for this rapidly institutionalizing industry.” 

About Flipside Crypto

Flipside Crypto provides business intelligence to crypto organizations. Their suite of analytics tools provides insights into user behaviors, developer activities, and financial health.  Flipside also rates cryptocurrencies utilizing, FCAS, a relative value for measuring the fundamental health of cryptocurrency ecosystems.

Flipside provides business intelligence to more than 75 cryptocurrency organizations and distributes FCAS via partners such as CoinMarketCap, Messari, MarketWatch and TheStreet. Flipside Crypto is backed by Galaxy Digital Ventures, True Ventures, Founder Collective, Coinbase Ventures, Digital Currency Group, Avon Ventures (a venture capital fund affiliated with FMR LLC, the parent company of Fidelity Investments) and other investors.  

Coinbase Preparing for Stock Market Listing as Early as This Year: Report

San Francisco-based cryptocurrency exchange Coinbase has reportedly started preparing for a stock market listing that could come as early as this year.

The move would make Coinbase the first major U.S.-based cryptocurrency exchange to go public, but the listing would require the U.S. Securities and Exchange Commission’s (SEC) blessing. According to Reuters, one source claimed the exchange is considering a direct listing instead of a traditional initial public offering (IPO).

While in an IPO new shares are created, underwritten and sold to the public, in a direct listing no new shares and created and only outstanding shares are sold, with no underwriters involved. Reuters quoted three people familiar with the matter, who requested anonymity because the listing preparations are reportedly confidential.

Coinbase has not yet registered its intention to go publish with the SEC, but has already reached out to investment banks and law firms. The cryptocurrency exchange was valued at $8 billion in its latest private fundraising round in 2018.

It was founded in 2012 and now has over 35 million users, allowing them to trade various cryptoassets both on its Coinbase platform and on the Coinbase Pro platform. It also has multiple other services, including Custody, Commerce, and Earn.

The San Francisco-based firm’s bitcoin holdings are estimated to now be over 1 million BTC, as users deposit funds on it over time. Last month Coinbase revealed it suffered outages after seeing its traffic spike significantly in a few minutes, as the price of most cryptocurrencies moved abruptly.

As CryptoGlobe reported, CryptoCompare’s June 2020 Exchange Review showed Coinbase was the third-largest top tier crypto exchange by trading volume in May, trading $6.86 billion worth of crypto throughout the month, falling behind OKEx and Binance.

Featured image via Unsplash.