Coinfeeds (or “the Company”) today announced that it has raised a $2M seed round led by FTX Ventures, Coinbase Ventures, Protocol Labs (IPFS / Filecoin), Huobi Ventures, and startup accelerator Y Combinator. Coinfeeds give users the ability to monitor the social media mentions and activity of web3 and NFT projects which is beneficial for all web3 participants from the average user to professional investors, to the protocol itself looking for insights on the health of its own community.
Coinfeeds was co-founded by Moyi Dang (CEO), who has a background working as a data scientist at multiple firms, and most recently at Uber, and also managed the early Chinese community at Filecoin, and Bhavya Agarwal (CTO), who had tenures as a software engineer at firms like Microsoft, Uber, and Robinhood, where he built their machine learning platforms. The pair realized the power of natural language processing (or “NLP”) after building a news summary bot that quickly became popular in some of the top crypto subreddits. After this, they built a news API that is now used by some of the largest crypto exchanges to show news to their customers. They knew that by applying NLP to the social channels most frequented by web3 communities, Twitter, Telegram, and Discord, they could generate insights about community activity and sentiment that could have a number of applications depending on the end user.
Moyi Dang, CEO & Co-Founder of Coinfeeds, commented on the news, “Coinfeeds was developed around the idea that web3 communities are social first. Pretty much all important information is shared through some sort of social platform, which is openly accessible. The way the crypto community shares and engages with information provides auto-curation. By taking advantage of this data, we can not only filter out spam, but we can also pick up on what is important in real time. By organizing this information well, we lower the cost of doing research, and we lower information asymmetry in crypto, which is very high.”
After joining Y Combinator’s prestigious accelerator program and raising a $2M seed raise at an undisclosed valuation, the pair have launched the Coinfeeds app which includes free and premium options alongside API support for institutional and professional users. While all users have access to twitter mentions & followers, discord, and telegram message activity alongside price and market cap change, sentiment-based insights are a premium feature that can also be accessed via a free trial. In addition to having these metrics for NFT projects and tokens, the app can also provide premium users with insights on some of the top crypto investors, and breakout projects based on social metrics. The app also includes monitoring of daily trending tweets across crypto twitter. They are also partnering with some major crypto projects like Near, and the Graph to build out social monitoring for their communities.
Bhavya Agarwal, CTO & Co-Founder of Coinfeeds, concluded, “After working with NLP for years we realized the technology could be used to provide actionable insights for web3 communities. We use it to generate these insights about sentiment and activity about all these crypto projects that each have their own unique way of communicating across different social channels like Twitter, Telegram, and Discord.”
Ramnik Arora, General Partner at FTX Ventures, commented on the seed raise, “We view Coinfeeds as a key piece of infrastructure for multiple stakeholders in the web3 community from traders to developers. Moyi and Bhavya’s collective expertise in data science and software engineering have allowed them to harness NLP to provide actionable data-based insights via their recently launched app. We look forward to seeing how users of the platform leverage these insights to make more informed investment decisions or enhance offerings based on community feedback.”
Brad Holden, Fund Lead at Protocol Labs, commented on the seed raise, “Coinfeeds is committed to driving the next generation of analytics tools for Web3, which lowers the cost of doing research and can onboard the next set of users. It also provides crypto projects with valuable insights into their community and helps those projects make more data-driven decisions.”
Jinbin Xie, Senior Investment Manager at Huobi Ventures, commented on the seed raise, “Community is particularly important for web3 projects. With their leading data science and NLP technology, Moyi and Bhavya are helping web3 projects to keep abreast of the community and build their DAOs. We expect Coinfeeds to become an essential infrastructure for building DAOs in the web3 space.”
Coinfeeds is an application that aggregates metrics and insights across different social networks to help businesses, investors, and web3 natives alike make more effective, data-driven decisions. The platform leverages natural language processing to monitor and generate insights from key web3 community social channels like Twitter, Discord, and Telegram to track sentiment, mentions, followers, and messages. This data is also used to create a custom social graph for every coin or NFT project to identify key opinion leaders and track what projects investors and influencers tweet about the most, and what projects they recently invested in. These insights and more including Twitter trend monitoring, which highlights trending topics and news along with breakout project monitoring which flag coins that reach an early momentum signal on Twitter are available through the Coinfeeds app here: https://app.coinfeeds.io/