Flipside Crypto, which provides blockchain analytics and business intelligence to crypto companies, has raised $50M at a $350M valuation. The round was led by venture capital company Republic Capital. Other investors included True Ventures, Galaxy, Terra, Dapper Labs, M13, and Blockchain Co-investors.
Flipside analyzes blockchain networks through a process it calls “walking the chain” to gain insight into the impact of actions on and off the network on underlying asset owners, miners, voters, and token holders. This data is curated and made freely available to analysts. The flipside is receiving some of the grants and delegations to manage this data, said Dave Balter, CEO of Flipside Crypto. Balter explained that the management and management of incentive programs is also part of this strategy.
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Balter said the goal of the new funding is to continue rolling out additional Layer 1 and Layer 2 networks, as well as developing rewards and analytics solutions.
“In March 2022, we provided for 30,000 awards and are going to raise them out of the water in April,” Balter said.
The open data platform Flipside aims to encourage members to work together on challenges through a rewards program. For example, in April, one blog post highlighted 18 rewards questions in which members, known as analysts on the Flipside system, can participate to earn rewards. In one Solana Starter Challenge (SOL), analysts were tasked with tracking the top 20 wallets in terms of Magic Eden sales volume since March. The reward was 1.29 SOL.
The company paid out more than $2 million in compensation last year and hired 19,000 analysts in March.
“Our goal is to continue building solutions to scale and process rewards to many hundreds of thousands every month,” Balter said.
In October, the company provided intellectual property to MetricsDAO to help organizations access analytics for crypto projects. The new funding will also be used to activate more DAOs next year, Balter said.
Flipside Crypto raised $7.1 million in September 2019 at a $32 million valuation, and today the company has a capitalization of $350 million. It employs 66 people and plans to increase the staff to 85 by the end of the year.
