The venture arms of FTX and Coinbase have participated in a $2 million seed funding round for Coinfeeds, a startup designed to help users monitor social media mentions and activities related to web3 and NFT projects.
Coinfeeds was founded by Moyi Dang, a former data scientist at Uber, and Bhavya Agarwal, who has worked at Uber, Robinhood, and Microsoft. The company originally emerged from a crypto news summary bot and API.
Aiming to become the “Bloomberg for crypto,” Coinfeeds utilizes natural language processing to analyze key social channels frequented by web3 communities, including Twitter, Telegram, and Discord, to provide insights into community activity and sentiment.
After completing the Y Combinator accelerator program, Coinfeeds launched an application that offers both free and premium options, along with API access for institutional and professional users. All users can track Twitter mentions, follower counts, and activities on Discord and Telegram, as well as monitor changes in price and market capitalization. However, access to sentiment-based insights is reserved for premium users. The application also delivers metrics for NFT projects and tokens, along with insights into prominent crypto investors and emerging projects based on social data.
CEO Moyi Dang explains, “Coinfeeds was developed around the idea that web3 communities are social first. Most vital information is shared through social platforms, where it is openly accessible. The crypto community’s approach to sharing and engaging with information naturally curates content.”
He further elaborates, “By leveraging this data, we can filter out spam and highlight what is significant in real time. By organizing information effectively, we reduce research costs and address the high level of information asymmetry present in the crypto space.”