TradeBlock, an in-depth Bitcoin data service, has secured $2.8 million in funding. The round was led by Andreessen Horowitz. Other investors include Second Market’s Barry Silbert, Devonshire Investors, and FinTech Collective.
The service has been likened to a Bloomberg or Reuters. It provides in-depth data and analysis tools on Bitcoin trading and mining. The trading and orderbook data from multiple exchanges is aggregated. Similarly, key metrics from the mining network and major pools are gathered and graphically represented. Bitcoin news items from around the web are supplied through a feed.
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Much of this data is free to all visitors, and indeed can be found fairly easily on multiple sites around the web. Where the service goes the extra mile is when fo its Professional and Research modules, which are paid services restricted to registered, pre-approved members.
The site is focused primarily on Bitcoin, with some minimal coverage on Litecoin and none on other coins.
The company was originally called GenesisBlock, named after the first Bitcoin block generated by Satoshi Nakamoto. It was founded by two brothers, Greg and Jeff Schvey, who see a huge potential for Bitcoin and for its blockchain serving as a means for trading of smart contracts. The brothers took the company through Y Combinator, a 3-month Silicon Valley incubation program.
The company currently has 5 employees, and with the help of the funding, plans on doubling that figure.