Blockfolio, the popular cryptocurrency portfolio management application has raised $11.5 Million in a single round of funding led by Pantera Capital. This is a big financial boost for the application which has over 4.5 Million registered users. In addition to this funding, Blockfolio also revealed their new, re-designed application.
Regular investors in the crypto-space realize that sometimes it can get tough to keep a track of one’s portfolio. This problem gets even bigger if the investments are diversified among various cryptocurrencies. Hence, users tend to take help of portfolio management and tracking applications to ensure that they know the status of their holding at all the times. Blockfolio is perhaps one of the most popular applications when it comes to portfolio management.
In addition to being a portfolio management platform, Blockfolio also acts as an information portal, as it hosts information of over 6,000 cryptocurrencies and close to 250 cryptocurrency exchanges from across the globe. Moreover, users can also receive updates from cryptocurrency project developers. The platform was founded in 2014 by the developers of DASH.
Ed Moncada, the CEO of Blockfolio commented on this, stating, “If we were just a price-tracking application, we wouldn’t be able to raise that kind of money.” Moncada was also excited about their ‘Signal’ feature, which they launched earlier this summer. It allows cryptocurrency developers to send out a push notification to the users regarding the latest goings-on at the development front.
As of now, over 90 cryptocurrency teams are sending out these push notifications to the interested users - and over 300 names are waitlisted. Some of these approved names include the likes of Augur, 0x, Zcash and Civic among others. Blockfolio also ensures that the notifications that are sent out to the users are meaningful and are not “bogus marketing hype”, as per Moncada.
Moncada envisions the Blockfolio application to be much more than just a portfolio management platform. He hopes that eventually, cryptocurrency developers would be able to make use of the application to gather meaningful feedback about their projects. He also expects that the community of investors would also make use of this app to vote for protocol upgrades, etc.
This $11 Million funding is a major step forward for Blockfolio - as the platform does not believe in advertising (they have run only three ads since their inception). Calling ad-seekers as ‘cash-grab projects’, Moncada stated that the company is firm on not letting any shady ICOs advertise on their platform, even if that means saying no to sums of as much as $2 Million a month! Commenting on the crypto-boom of 2017, Moncada said: “With that mania going on, we felt it was something we didn’t want to touch or be a part of.”
With Blockfolio raising $11.5 Million even at a time when cryptocurrency markets aren’t performing as well, it infuses confidence in the markets that a good project would always find investors. Stay tuned with us at Cryptoground for all the latest news updates from the world of cryptocurrencies and the blockchain technology.