Crypto portfolio tracker Blockfolio has raised $11.5 million in a round of fundraising led by prolific cryptocurrency focused hedge funds Pantera Capital.
Pantera Capital has maintained a positive outlook for cryptocurrency for a while. The investment firm, led by its CEO and chief investment officer Dan Morehead recently invested in market prediction platform Augur, an open source P2P oracle and prediction market platform built on Ethereum.
In addition to the fundraising announcement, the company also unveiled a redesign of its app.
Blockfolio was created by the early backers of Dash to provide a valuable insight into the users’ crypto portfolio. It also offers daily news updates from the top crypto news sites, global currency updates and price alert integration.
According to a report on Fortune, the company is growing beyond its portfolio management feature. The company wants to grow into the role of a mediator for project participants. This is why it released a new feature called “signal,” in May, which supposedly allows cryptocurrency developers share updates through push notifications to their followers on the app. Blockfolio’s competitor is Delta, a similar app that offers crypto portfolio management, released a similar feature to Signal, on Tuesday.
Fortune quoted Blockfolio co-founder and CEO Ed Moncada, who said:
“If we were just a price-tracking application, we wouldn’t be able to raise that kind of money.”
Moncada sees a future where cryptocurrency teams can use the app to solicit feedback from coin holders, which would enable investors to propose feature changes and vote on protocol upgrades when the need arises. The number of crypto teams trialing this new feature on Blockfolio are 90, involving popular prediction market Augur and blockchain identity startup Civic. The company also has another “300-plus teams are on the waitlist.”
Having a company issue one-directional updates to users could open the gates to spam, but Moncada believes this won’t be the case. Based on the report, Blockfolio vets the teams to ensure they won’t be spamming users with “bogus marketing hype.”
The app is currently not monetized, and it doesn’t have plans to run adverts for projects hosting initial coin offerings. Moncada sees this move as a way to preserve the trust of its users, even if it means losing revenues.
Blockfolio, since its launch in 2014 has attracted more than 4.5 millions users who use the service to stay abreast of information across multiple exchanges, keep tabs on their holdings and to recent relevant updates on cryptocurrency project developers.
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Last modified: June 11, 2020 1:48 PM UTC