Flipside Crypto announced that it has raised $7.1 million in a Series Seed Prime financing.
The round was led by Galaxy Digital Ventures with participation from Collaborative Fund, CMT Digital and Avon Ventures, as well as previous investors True Ventures, Founder Collective, Digital Currency Group, Castle Island and Boston Seed. The funding will be used to expand the team and augment the company’s data science and analytics capabilities for cryptocurrency organizations.
“Earlier this year, sophisticated cryptocurrency organizations began realizing their technical visions, and now have moved to operating more like other types of businesses,” Dave Balter, CEO of Flipside Crypto, said in a press release. “As this market matures, so does the requirement to understand customers and revenue drivers, and Flipside's solutions are uniquely designed to aid cryptocurrency and blockchain businesses with their growth. We couldn't be happier to add Galaxy Digital Ventures, Collaborative Fund, CMT Digital and Avon Ventures as investment partners, supporting our vision and playing a key role in helping the cryptocurrency industry blossom."
In other funding news, London-based Everledger announced that it has secured $20 million in a series A round led by Tencent, with participation from Graphene Ventures, Bloomberg Beta, Rakuten, Fidelity and Vickers Venture Partners.
This brings the company’s total raised to $30.4 million, which will be used to advance Everledger’s mission to “make supply chains more sustainable.”
“Today’s announcement amplifies our commitment to global markets, whilst fueling our industry momentum as we continue to build Everledger,” said founder and CEO Leanne Kemp, according to VentureBeat. “Having this strong investor cohort join us at this stage in our development is both validation of the innovation we’ve displayed to date and a statement of future intent. They will support us in bringing more visibility to good business practices in industries that impact millions, if not billions of people in developing countries.”
Kik Interactive has shut down its messaging app and will let go of most of its workforce to focus on its battle against accusations levied by the U.S. Securities and Exchange Commission (SEC).
The company behind the Kin digital token has been accused by the SEC of illegally raising millions through an initial coin offering. The layoffs will impact more than 100 employees.
“All is not well,” Ted Livingston, Kik’s chief executive officer, wrote in a blog post late Monday. “With the SEC working to characterize almost all cryptocurrencies as securities, we made the decision to step forward and fight.”
And Singapore-based exchange Bitrue has announced the launch of a low-interest crypto lending platform, which goes live on September 30.
The platform will offer crypto loans at a 0.04 percent daily interest rate.
“Bitrue’s goal from the beginning was always to bridge the emerging crypto markets with the traditional financial services sector,” CEO Curis Wang said, according to CoinDesk. “It’s a perfect time for us to launch the first of our initiatives.”