Blockchain Analytics Firm Flipside Crypto Secures $7.1 Million to Study Tokens Economics
A data analytics firm called Flipside Crypto has recently been able to get around $7.1 million USD during its latest investment round. Companies such as the Digital Currency Group and Coinbase Ventures participated in the round, however, the round was led by Mike Novogratz’s Galaxy Digital.
In all of its investment rounds together, Flipside Crypto has been able to raise over $11.6 million USD. The company, which was founded in 2017, has always attracted the attention of the investors and companies such as Castle Island Ventures have invested in it more than once.
The CEO of the company, Dave Balter, has affirmed that Flipside Crypto is currently valued at around $32 million USD and that the company is set to grow from having 14 employees to 21 in the next year due to the success with the funding rounds.
Balter affirmed that the company has devised sophisticated tools that will help it to understand more about the activity and the behavior of stakeholders. With this information, companies would be able to create more effective businesses.
The company has found moderate success in the industry so far. 75 companies are already its customers, however, most of them are still using free services. Only around a dozen companies are using the premium services, which give more insights into the information that is provided. The goal now is to show how its services are valuable so that other companies can invest.
One of the customers, the Algorand COO Sean Ford, affirmed that the company works with Flipside Crypto because they enable them to customize their approach to analyzing data.