Need to know something – or everything – about Bitcoin? TradeBlock is pretty much becoming the go-to site for all things bitcoin, and a globally-recognized source of digital currency analysis, covering all industry topics including trading, regulations, mining, protocol updates, block chain analysis and economic developments.
The company is based on the belief that block chain technology has the potential to be the world’s most efficient and secure asset transfer system. But understanding and analyzing activity facilitated by this revolutionary technology requires a uniquely-adapted toolset and expertise. Again, that’s TradeBlock, which is already being called the Bloomberg of bitcoin, and which explains how they recently raised $2.8 million in funding, led by Andreessen Horowitz, with Devonshire Investors, FinTech Collective, and SecondMarket founder Barry Silbert joining the round.
Founded by the Brothers Shvey (former aerospace software engineer Jeff and former Citigroup analyst Greg), TradeBlock (nee The Genesis Block) started in 2013 as a side project for the two bitcoin advocate/enthusiasts… just an outlet for them to write about their thoughts on all aspects of digital currency (markets, technology, regulation, etc.). After nearly a year and millions of views, the company changed its name to TradeBlock and began charging financial institutions for data services and proprietary research.
They got the attention of Y Combinator, who accepted the brothers into the 2014 winter class, so they headed out west while continuing to expand TradeBlock’s client base, team size and product offerings.
Now they’re back – and funded – and are here to tell us about how they’re cornering the Bitcoin data/information market
What was the funding process like?
Any other project that forced you to repeat yourself that frequently would drive most folks insane, but when it’s describing your passion and life’s work, it’s not so bad.
What are the biggest challenges that you faced while raising capital?
Bitcoin companies have to convince investors not just of their own company’s prospects, but of the viability of the market and technology as well.
What factors about your business led your investors to write the check?
Deep understanding of block chain technology and bitcoin markets, as well as the ability to translate that and provide services for institutional clients led to the investmemt in TradeBlock.
What advice can you offer companies in New York that do not have a fresh injection of capital in the bank?
Focus on clients first. Everything else will fall in line if people that love what you’re building.
How did participating in the YCombinator Accelerator help your company?
Once you realize your problems are not as unique as they feel, it becomes clearer that the answers are out there. You just have to know how and where to look.
When you were out in Silicon Valley going through the accelerator program, what did you miss most about New York?
My wife.