Coinfeeds secures $2m in seed funding

US – Social network insights and analysis platform Coinfeeds has raised $2m in a seed round led by FTX Ventures, Coinbase Ventures, Protocol Labs (IPFS / Filecoin), Huobi Ventures and Y Combinator.

Squares saying 'NFT'

Coinfeeds allows users to monitor social media mentions and activities in ‘web3’ and non-fungible token (NFT) projects, and uses natural language processing (NLP) to analyse social media platforms Twitter, Discord and Telegram to generate insights on community activity.

The seed funding will help with the launch and development of the Coinfeeds app, which will provide insights and metrics on web3 and NFTs.

Web3 is broadly a new concept for the future of the internet that embraces decentralisation, blockchain and cryptocurrencies.
Coinfeeds has also joined Y Combinator’s accelerator programme for start-ups.

Moyi Dang, chief executive and co-founder at Coinfeeds, said: “Coinfeeds was developed around the idea that web3 communities are social first.

“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.”

Bhavya Agarwal, chief technology officer and co-founder at Coinfeeds, said: “After working with NLP for years, we realised 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.”

We hope you enjoyed this article.
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