50 days ago • cryptodaily
Addressable raises $7.5M to enable Web3 companies to acquire users at scale
Tel Aviv, Israel, 31st January, 2023, ChainwireAddressable, an innovative end-to-end solution for Web3 marketing, announced today that it secured $7.5 million in a seed funding round, led by Viola Ventures and Fabric Ventures, with participation from Mensch Capital Partners and North Island Ventures. The funding will be used to accelerate adoption and expansion of Addressable’s best-in-class solution, including support for additional blockchains and social media integrations.
“Marketing is all about knowing your audience, but since crypto wallets are anonymized by design, Web3 marketers rarely know their audience’s age, country or purchasing history,” says Dr. Asaf Nadler, co-founder and chief scientist at Addressable. “In the face of anonymity, our solution allows Web3 marketers to associate anonymous blockchain audiences with social media activity, ultimately addressing the most significant barrier to Web3 growth today.”
Addressable’s SaaS solution provides Web3 marketing teams with a powerful platform to launch campaigns and more effectively target new audiences by matching blockchain activity with social profiles. This precise targeting reduces cost-of-acquisition dramatically compared to the broad targeting of existing web2 tools. Leading Web3 companies like Polygon, Bancor, Immutable, and Kryptomon are already using Addressable’s technology to acquire new users in an era when traditional Web2 marketing campaigns are no longer effective.
“In the Web3 era, the key barrier to growth is the inability of marketers to deliver their messages to their targeted audiences, simply because they don’t know much about them”, says Leon Stern, director of growth at Polygon - an Addressable customer. “Most users aren’t attentive on Discord - they’re on social media, and you need to effectively get their attention there. This is where the value of Addressable lies.”
Addressable was founded by Tomer Sharoni, Tomer Shlomo and Dr. Asaf Nadler, data analytics veterans with more than 20 publications on blockchain, machine learning and big data.
“We are witnessing an increasing number of Web3 companies investing in meaningful and sustainable user growth through social media, where almost all users spend their time,” says Tomer Sharoni, Addressable’s CEO. “Our unique ability to pinpoint Web3 audiences on social media is the missing piece for mass adoption of Web3. In today’s blockchain ecosystem, we’re the only Web3 marketing SaaS platform addressing user acquisition at scale.”
"Effective user acquisition became the major concern for Web3 businesses over the turbulent past year", said Richard Muirhead, Chairman and Managing Partner at Fabric Ventures. "Addressable's Web3 marketing platform combines a compelling go-to-market opportunity for any web3 business with a user-centric approach for which this sector craves. We are excited to take part in Addressable's journey and to welcome them into the Fabric family".
“Addressable is solving a huge problem for web2 and Web3 companies that want to understand their Web3 audiences”, says Omry Ben David, General Partner at Viola Ventures. “Its platform enables marketers to connect the dots between on-chain blockchain data with off-chain social media accounts and use precision targeting for a crisper value proposition and thus superior ROI and conversion. Coupled with an A-class founding team, we believe Addressable is best positioned to lead the marketing stack category in web3”.
Addressable is an innovative end-to-end Web3 marketing solution. The company’s best-in-class SaaS platform provides Web3 marketing teams with a powerful platform to effectively target new audiences by matching blockchain activity with social profiles. Addressable is a trusted partner of leading Web3 companies including Polygon, Bancor, Immutable, and Kryptomon. Founded by data analytics veterans Tomer Sharoni, Tomer Shlomo and Dr. Asaf Nadler, Addressable has raised $7.5 million in a seed funding round led by Viola Ventures and Fabric Ventures.ContactCo-FounderAsaf [email protected]
103 days ago • cryptodaily
Regulators Under Pressure To Investigate Banks
In light of the FTX incident, United States lawmakers are putting pressure on key federal financial regulators to investigate banks with ties to cryptocurrencies.
Senators Question Banks
Democratic Senators Elizabeth Warren and Tina Smith have written to multiple federal agencies and regulators, questioning the close ties between crypto markets and traditional banking. The aftermath of the FTX collapse has stirred up trouble, especially among lawmakers who have intensified their scrutiny of the industry even more since then. In this case, both the Senators, who are members of the Senate Banking House and Urban Affairs Committee, have addressed the Federal Reserve, the Federal Deposit Insurance Corporation, and the Office of the Comptroller of the Currency in their letter.
An excerpt from the letter reads,
“While the banking system has so far [been] relatively unscathed by the latest crypto crash, FTX’s collapse shows that crypto may be more integrated into the banking system than regulators are aware.”
“Banks Had Close Ties To Crypto”
There have been other instances of associations between FTX and financial institutions. Several noteworthy banks, like Silvergate Capital, Provident Bancorp, Metropolitan Commercial, Signature, and Customers Bancorp, have all landed in hot water due to their significant exposure to the FTX ecosystem. The Senators’ letter referenced several banks and financial corporations struggling after prolonged exposure to FTX.
The letter wrote,
“It appears crypto firms may have closer ties to the banking system than previously understood. Banks’ relationships with crypto firms raise questions about the safety and soundness of our banking system and highlight potential loopholes that crypto firms may try to exploit to gain further access.”
Banks In Trouble After FTX Crash
Almost 90% of Silvergate’s overall deposit base consisted of crypto deposits. In addition, more than 50% of the equity capital for Provident bank consisted of crypto loans. In the aftermath of the crash, Provident bank is experiencing losses as high as $27 million.
According to a report in The New York Times, FTX’s sister company Alameda Research had an $11.5 million investment in the Washington state-based Moonstone Bank. The latter’s parent company FBH Corp was headed by Jean Chalopin, who is also the Chairman of the Bahamas-based Deltec Bank, which had a working relationship with stablecoin issuer Tether (an FTX trading partner).
Regulators' Attention On SBF
On the other hand, regulators have been focusing most of their attention on ex-FTX CEO Sam Bankman-Fried. The Texas Securities Board has summoned him to investigate whether Texas securities laws were violated by offering unregistered securities products through FTX’s yield-bearing service.
Other regulators, like the Financial Services Committee and the Senate Banking Committee, have also summoned Bankman-Fried to hearings discussing the collapse of the FTX ecosystem.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.