Ex-Coinbase Employee Preethi Kasireddy’s TruStory, raised $3 mln to identify ICO scams before they happen

The young startup company TruStory has innovated a platform for customers to research and validate about even the small to big claims that people make online, whether in a blog post, white paper, website or even a social media post. The company is aiming to build authenticity, transparency, and trust back to the digital and decentralized world.

The innovative idea is developed by TruStory’s founder, Preethi Kasireddy, USC grad who studied industrial and systems engineering. She worked as a banking analyst with Goldman Sachs after graduation. In 2017, she worked for Digital currency exchange Coinbase for a period of 10 months as a Software Engineer. She designed, architected and implemented the front-end interfaces and APIs required for the integration of Ethereum onto the Coinbase brokerage platform, among other things.

“I just started to teach myself how to write code that runs on Ethereum. I was contributing to different blockchain projects and just listening, and learning, and observing.”

It will be a huge innovation in the is growing digital world. Now a day its very common, the regulators around the world are implementing new crypto regulations, banning a few cryptocurrencies and fraud fundraising. Not only blockchain-startups are carrying out ICO’s but, many other companies are trying to use them as well. Many of them are proven out to be frauds.

How to identify fake and Original? TruStory can do the sorting. The company raised $3 million in seed funding led by True Ventures with participation from Pantera Capital, Kindred Ventures, Homebrew, Coinbase Ventures, Wonder Ventures, Abstract Ventures and former TechCrunch co-editor Alexia Tsotsis through her new fund Dream Machine.

It also received funds from various other famous individual investors like Coinbase co-founder Fred Ehrsam, entrepreneur and investor Scott Belsky and former Twitter M&A executive Jessica Verrilli,  who recently joinedGV as a general partner.

Kasireddy is not interested in discussing the ways to effectively validate these claims publicly because “The space is rampant with people copying other people’s ideas.”

Kasireddy explains the platform claims to work in a way when someone successfully validates a claim or else identifies aspects of an offering that doesn’t make sense, she or he will “earn tokens and reputation and influence” for their efforts. And if they are proven to be fake or dishonest, then they will lose on all three fronts. (The tokens are generated using the protocol itself, she says.)

She also went on to explain that the platform is not just for validating white papers, “We’re starting with the crypto market and claims being made in white papers and websites and building a network to help investors and researchers who need this information to make the right decisions.” But there are “other ways to use the same incentive design to validate other claims.”

Now the organization is led by Kasireddy alone, she intends to bring operations people and a few key engineers.

“We’ll fund ourselves through the development of our tokens, and we expect the tokens eventually to fund the business.”

“It’s about getting those token economics to work, “And then the engine starts up.” She says determinately.


Image source: Techcrunch

Join our Telegram group

About admin 10633 Articles
Coinmarketnewstoday.com | Bitcoin and Altcoin News | Last Minute News about Blockchain Technology | Upcoming Events and Exchange News Around the World

Be the first to comment

Leave a Reply

Your email address will not be published.