Boston-based Flipside Crypto has announced the completion of the funding round with Coinbase and Digital Currency Group being among the investors.
The company refused to comment on the total investments. However, there are news reports that it was generated about $4.5 million during the funding round. The project appeared as a concept last year when cryptos soared and people were ready to invest in any products regardless of their potential. In this situation, the project team is striving to provide the market with an effective tool for seeking the most perspective initiatives among the whole among of the presented blockchain projects.
"We are thrilled to announce our investment in flipsidecrypto - a great young company making digital assets easier to understand with their simple, smart, and sophisticated Flipside Crypto Asset Score (FCAS)," said Digital Currency Group in its Twitter.
The company noted that their solution will be a brand-new approach to crypto assessments, especially taking into account that fact the crypto price strongly depends on market reports and sentiments.
As the company CEO noted, the crypto market is growing up, while large and retail investors are looking for more sophisticated methods of getting the market data deeper than just capitalization and price figures.
Flipside Crypto Asset Score (FCAS) will make a complex assessment of the asset based on the data from different blockchains and smart-contracts, with the information being divided into three categories (usefulness, trade signals and developers' activity).
"Flipside Crypto produces and distributes FCAS scores and indexes to enable retail investors to more effectively understand the health of each project. Crypto project utility, developer behaviour and analysis are available through Flipside Crypto’s proprietary FCAS Coin Health Library," commented the company in the blog post.
For now, the methodology was used by more than 100 investors during the closed beta. The official launch is likely to take place in early 2019. The service will be offered with a paid subscription ($25-300 depending on the inquired data).