The venture arms of FTX and Coinbase have entered a $2 million seed funding round for Coinfeeds, a startup that enables people to monitor the social media mentions and activity of web3 and NFT projects.
Launched by Uber, Robinhood, and Microsoft veteran Bhavya Agarwal and former Uber data scientist Moyi Dang, Coinfeeds grew into a crypto news summary bot and API.
The company, which insists it wants to become the Bloomberg for crypto, applies natural language processing to the social channels most used by web3 communities, Telegram, Twitter, and Discord to generate insights about community activity and sentiment.
After joining the Y Combinator accelerator program, Coinfeeds has unleashed an app that features free and premium options alongside API support for professional and institutional users.
All of the users have access to Twitter mentions and followers, Telegram message activity, and Discord alongside market cap and price change. Nevertheless, sentiment-based insights are a premium feature. Apart from having these metrics for NFT projects and tokens, the app can also offer premium users insights on some of the top crypto investors, and breakout projects based on social metrics.
CEO Dang said:
“Coinfeeds was developed around the idea that web3 communities are social first. 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.”