Flipside Crypto Raises $1M Amid “Healthy” Currency Selloff
Summary
The wipeout in digital currency values, to Balter, signals a clearing out of some of the speculation that had led to unrealistic sky-high valuations for some cryptocurrency projects and an opening for meaningful ones to take hold as the sector finds its footing.Balter says the strategy behind these latest investments from Coinbase and Digital Currency Group—in addition to pushing Flipside’s total capital raised to $4.5 million—is to help the company get its Flipside Crypto Asset Score to be as “authoritative” and “omnipresent” as possible.“Coinbase is, arguably, the 800-pound gorilla that delivered crypto to mainstream audiences,” Balter says in a Medium post announcing the investment, “and Digital Currency Group has launched a broad array of industry-defining orgs.So far, one of few splashes made has been Boston-based Fidelity Investments, which opened a digital assets arm to help hedge funds, family offices, market trading firms, and other institutional investors with crypto currencies.Big companies are hesitant to put their entire business at risk in an asset class that lacks basic ground rules, such as regulations against deceptive trading practices, Balter says.