A new seed funding round has been kicked off by Messari in order to put up a database for crypot-assets in the hopes that the open-source tool would pave the way closer to the fulfilment of the cryptomarket’s ability to self-regulate.
The funding round was successfully backed by several big names in the industry, such as Anthemis Group, Blockchain Capital, CoinFund, Digital Asset Investment Company, Danhua Capital, Kindred Ventures, Rising Tide, Semantic Ventures, SparkLabs Global and Underscore Venture Capital. It was not disclosed, however, how much was raised in the event.
CEO Ryan Selkis had mentioned that they will be allocating the funds for the creation of development resources. They have their eyes locked on a second quarter testing later this year for their first product.
“We don’t want to pigeonhole ourselves until we have a better idea…We’re going to crowd-source as much information on these token projects as possible, but that only gets us so far,” Selkis said. He furthered that, “The second stage is when we think about enforceability, and how we can create social pressure or maybe legitimate regulatory pressure on projects to abide by certain standards and report on an ongoing basis.”
It is the hope of the company that the reporting process will eventually become automated , such that it becomes easier for investors to do research on a project and its associated token.