Blockfolio Application Raises $11.5 Million Dollars in Fundraising
The popular portfolio tracking application known as Blockfolio announced that it has raised $11.5 mollion dollars in a round of fundraising. The round was led by the company Pantera Capital. At the same time, the company has decided to unveil a new design of their application.
Pantera Capital is a hedge fund focused on cryptocurrencies and blockchain technology and that has participated in different fundraising rounds in the past.
Blockfolio has also been providing important information about different crypto related projects. This is clearly very helpful for investors since there is a lot of information circulating online and communication channels are usually too crowded to be useful.
Indeed, Ed Moncada, Blockfolio’s co-founder and CEO, said that if the would be just a price-tracking app they would not be able to raise such an important amount of money.
In general, those individuals using the application are are cryptocurrency investors that have a portfolio in virtual currencies. Furthermore, users are able to receive information of over 6,000 different coins currently available in the market.
The information provided by the portfolio is related to more than 240 different cryptocurrency exchanges currently operating in the crypto industry. The company was founded back in 2014 and has a very important link with Dash, one of the most valuable virtual currencies available.
Moncada has also talked about the ‘signal’ feature that broadcasts updates through push notifications that are optional. These updates are sent by teams behind specific virtual currencies, something that provides good quality information directly from the source.
We are thrilled to announce our $11.5M Series A led by @PanteraCapital with participation from @BitMEXdotcom, @HuobiGlobal, + others. We couldn’t have done it without our amazing community as we work toward connecting the #crypto ecosystem!https://t.co/XQpvEWaSc5
— Blockfolio (@blockfolio) October 11, 2018
In the future, the company could expand beyond a market data provider and be a mediator for project participants. For example, the application could be used by crypto teams to request feedback from coin holders and enabling investors to propose changes in features, among other things.
Currently, there are 90 crypto-teams using the app in order to inform users about their updates. Additionally, there are other 300 teams that are on the waiting list. Some of the companies working with Blockfolio are Augur, Civic, Zcash and 0x.
At the moment, the biggest competitor of Blockfolio is an application known as Delta. The company offers portfolio tracking and provides very accurate market data.