TradeBlock’s site currently offers a BTC price index, a mining calculator, custom reports and an API for cross-platform development. The new funds should enable TradeBlock to develop a new suite of professional-level reporting tools, although some will almost certainly require a fee or membership to access. TradeBlock appears to be the first bitcoin analytics company to receive such a huge level of venture capital support, and the first company not directly involved with mining, exchanging, wallet hosting or payment processing to see more than a few hundred thousand dollars of VC funding. Bitcoin data giant Blockchain.info, for instance, appears to have gained its position without significant outside investment.
In a report on the Wall Street Journal‘s MoneyBeat blog, co-founder Greg Schvey said that the $2.8 million round was exactly the amount targeted, noting “We’re very fortunate that [the investors] understand and knew the vision.” Schvey declined to disclose the company’s current valuation.
With the TradeBlock investment, venture capital investment in the bitcoin ecosystem this year is well above $150 million, and total investment has crossed $250 million. With a quarter of a billion dollars being spread around to develop the technology and infrastructure, its easy to see why so many major league investors have suddenly taken an interest in bitcoin’s potential.