FTX, Coinbase, Huobi and Protocol Labs backed the startup keeping an eye on crypto sentiment, a measure that can be profitable or costly.

A group of web3 companies including cryptocurrency exchanges FTX, Coinbase, Huobi and web3 development platform Protocol Labs have backed a $2m seed round for Coinfeeds, a US-based company tracking crypto sentiment on social media.

For a commodity whose value is as dependent on consumer sentiment as cryptocurrency, keeping track of what people are saying is important. With its fresh capital, Coinfeeds launched an app that allows users to monitor social media platforms popular in the web3 space – including Twitter, Discord and Telegram – and generate insights on specific web3 communities or projects.

Coinfeeds’ valuation was not disclosed.

Using natural language processing, the app aims to produce actionable insights leading to more informed decision-making.

Functionality includes custom social graphs identifying key opinion leaders for individual digital assets and the ability to track sentiment across multiple platforms and correlate it with asset price. It also allows users to see what investors…

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Fernando Moncada Rivera

Fernando Moncada Rivera is a reporter at Global Corporate Venturing and also host of the CVC Unplugged podcast.