Hedgehog, the cryptocurrency portfolio manager that syncs all your wallets and exchanges, announced a $1.6 million seed investment round by Dragonfly Capital, Y Combinator, and Baroda Ventures.
Funds will be used to register with the SEC as an internet investment adviser, hire additional staff, and build a best-prices trading feature to automatically connect clients with the optimal price on any supported exchange.
Industry news leader CoinDesk covered the story:
Hedgehog Technologies, a platform that lets investors sync their cryptocurrency wallets and exchange accounts to visualize their portfolios in aggregate, has raised $1.6 million to develop a crypto robo-advisor.
Dragonfly Capital led the seed round, which also had participation from Baroda Ventures and startup accelerator Y Combinator.
"Hedgehog does not currently charge its nearly 7,000 users a fee," the article continued. "Instead, its founders say their long-term plan is to charge exchanges a sort of referral fee for pushing clients to purchase crypto through the exchanges' platforms."
Hedgehog's robo-advisor feature will go live in the next few months, [CEO Taylor] Culbertson said. It will assess connected accounts on the platform and make suggestions to users about how to balance their holdings and take advantage of price dips to purchase crypto at bargain levels.
"A lot of crypto platforms look at retail users as price-agnostic users," [CTO Colton] Dillion said. "Retail flow is very wanted, because you can make a lot of money off that, especially in market making. We've taken the opposite approach — we're building a platform for retail users. We're catering to the user that's kind of disadvantaged in this environment."
Hedgehog is a one-stop shop for all your cryptocurrency needs. You can trade on almost any exchange, track all your wallets, and learn about every cryptocurrency. The Hedgehog app and financial engine were built to help people transact seamlessly across exchanges and to manage a diversified portfolio of coins at every stage of growth.
