Flipside Crypto has picked up a $3.4m equity investment to support the development of algorithm-based investing.
True Ventures led the venture round, with contributions also coming from the Chernin Group, Resolute Ventures, Boston Seed Capital, Converge, and Founder Collective. As part of the deal, True Ventures partner Adam D’ Augelli will join the Flipside board of directors.
The company offers investment portfolios and data solutions for the cryptocurrency market. Users can access portfolios which has been built through algorithms that account for speculation, developer activity and utility of the tokens.
Investing in the portfolio gives the holder acquisitions, digital wallet preparation and external cold storage, as well as access to portfolio metrics dashboard and communication with others in the community.
Flipside’s ‘Github Crypto Index’ offers insights to the overall health of crypto projects and their progression. Users can use this to build their own portfolio dashboard with automatic updates and comparison tools.
The company is hoping to use the capital to help push the development of its of algorithms which analyse the market. Capital will also be used to refine its cryptocurrency management services such as its crypto acquisition and digital wallets.
Flipside Crypto CEO Dave Balter said, “This financing round will build on the tremendous outcomes from our first 6 investment vehicles. We’ve proven our algorithms can deliver substantial ROI, while simplifying the process of acquiring a basket of cryptocurrencies for investors.”
Earlier in the month, Algo Trader, an algorithmic trading software developer for quantitative hedge funds closed a funding found on $1.4m. In an interview with FinTech Global, company founder Andy Flury said that the company is eyeing the blockchain market and hopes to become the preferred supplier for anything traded on the blockchain.
There have been several VC funds focused on the cryptocurrency and blockchain space to close this year. Blockchain Capital closed its Fourth Venture vehicle on its $150m hard cap, earlier in the month. The fund will look to invest in blockchain technology and crypto ecosystem, having previously backed Ripple, Ethereum and Coinbase.
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