New York developer of social networking and data analysis tools for financial markers and recent favorite for crypto analysts, TradingView, has secured millions in venture funding from Insight Venture Partners according to Techcrunch.
TradingView Takes in $37 Million in Venture Capital
The company which offers “freemium” software through partner websites like SeekingAlpha, Bitfinex and the Nasdaq allows users to connect and exchange trading tips and tricks for free using. TradingView developed a JavaScript-based programming language called PineScript that allows anyone to develop their own financial analysis tools.
The “freemium” is offered as a service model for users to try out but begins charging on a scaled basis when customers want to access more information like charts and real-time alerts. There are three payment plans beginning at $15, with a mid-tier at $30 and a high-end $60 per-month premium option.
According to TradingView co-founder and chief operations officer, Stan Bokov, the company has been making steady growth over the past seven years. While the company was never crypto focused it was an early supporter of the space and that has been a boon for them. Bokov adds that “They came for crypto. They stayed for the other stuff,” speaking about users of the service.
Today TradingView brings in 75% of its revenue from its membership program and believes there is room to continue to grow with retail investors but is also looking to make a push to serve the institutional money entering the crypto market with their toolkit.
Crypto Maybe the Gateway to Broader Investment
Paul Szurek, a vice-president at Insight Venture Partners, said the investment in TradingView was building of the broad amateur investors interest in crypto trading apps like eToro which serve as gateways two the more sophisticated tool set offered by TradingView.
As those apps serve as a gateway so might crypto be an introduction for the young investor to consider a wider class of financial markets. According to Szurek.
“October to January, during the real core of the crypto boom here, there were a lot of users coming in starting out researching that asset class broadly. Eighty percent move on to research other asset classes,” He added,“The rise of cryptocurrencies… and trading those assets… has flywheeled into a broader interest in investing across asset classes,”
TradingView has also recieved money from DRW Venture Capital and Jump Capital. Kimberly Trautmann, head of DRW Venture Capital, in a statement;
“As an investor, we are excited about the diverse cross section of the industry that TradingView has reached and its rapid growth. As a proprietary trading firm on an institutional level, we’re looking forward to leveraging the platform and contributing to its further development.”
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