By
Tolu Ajiboye
April 18th, 2024
Jeff Clavier backs Messari with $4 million from Uncork Capital, Coinbase’s Balaji Srinivasan and others are pledging too.
Former Coinbase CTO Balaji Srinivasan, as well as Coinbase Ventures, will pledge some cash to the deal too. Messari already gathered investments from CoinFund, Danhua Capital, Blockchain Capital, Fabric Ventures, and other closed circle investment firms.
Ryan Selkis, CEO Messari, is said to be solving the problems in the industry one by one, providing accurate data to sophisticated investors with special needs. As for the relationships with new backers, Ryan told Cointelegraph:
“Clavier is a straight shooter that hasn’t bought the crypto hype, but likes picks and shovels businesses building infrastructure in the space.”
The funding that they will receive in the nearest time will go towards improving automated data gathering and creating new products. The venture funding round has started this May and came to an end after six months. Messari claims that over 60 crypto-related businesses currently using their data in everyday tasks. They provide API services and mobile app.
Jeff Clavier Thinks Messari is Building Much Needed Infrastructure
Founder of the venture firm Uncork Capital thinks that Messari is worth investments as they provide data that is necessary for this field.
“Ryan and the team at Messari are building critically needed infrastructure that is currently lacking in the crypto ecosystem. If crypto is going to become a mainstream asset class, it needs quality data that is open and transparent. The Messari team are pioneers in the industry, and have built a strong picks and shovels business in an otherwise volatile and unpredictable market.”
Together with supplying tons of data about hundreds of cryptocurrencies, Messari will support different companies worldwide in their intent to legalize the crypto business. A set of useful compliance tools is available via the project’s website.
Messari Offers New Measuring Tool after Wash Trading News
Bitwise Asset Management employees Teddy Fusaro and Matt Hougan have stated that 95% of all the cryptocurrency trades are fake. Per the two:
“Under the hood the exchanges that report the highest volumes are unrecognizable. The vast majority of this reported volume is fake and/or non-economic wash trading.”
After the reports came out, Messari launched new product in March 2019. Their Real 10 Volumes set has somewhat similar goal with CoinMarketCap’s Liquidity standard. This is a rough attempt to get rid of the fake trading statistics. Via Messari’s OncahinFX online profile, one can see that Top 10 exchanges by filtered volume. Those are Binance, Bitfinex, Bitflyer, Coinbase Pro, Gemini, Kraken, Poloniex. Worth noting that Messari has received critics from blockchain experts like Zerononcense for using too much money to deliver low-level quality data. However, Messari is developing its products, and the market seems to favor the team behind it.