If cryptocurrencies are here to stay, then fintech startup Nomics is placing a huge bet on the needs of the biggest players in the market.
Repeat entrepreneur Clay Collins touched on his forthcoming venture last fall after leaving LeadPages, and is now unveiling a glimpse the at site while elaborating on the business model.
Spoiler: it’s not what it looks like.
When visiting Nomics, self-described as ‘The Internet’s home for cryptocurrencies’, you’ll instantly see all sorts of pretty charts and graphs moving around every couple seconds:
While this looks great and may be presenting relevant pricing on some 340+ unique crypto’s in one place, there’s really nothing groundbreaking here for those already accustomed to browsing various sites/services to get their market updates. But that’s by design, according to Collins, who says “The front end you see is really just an advertisement for our own proprietary API….which is actually the product in development and how we intend to monetize Nomics in the B2B sense.”
“There’s a lot more coming and it’s eventually going to be tens of thousands of pages deep…we’re indexing the entire cryptosphere,” he says with a smile. While that’s incredibly ambitious, it’s worth asking: why?
In his own words, Collins describes a marketplace that he is both personally invested in as well as willing to bet his business savvy on.
“For professional investors,” he says, “Like hedge funds, institutions, VCs, Family Offices, etc. – we’re going to offer historical data that goes to the beginning, complete with SLA grade support and uptime guarantees . There’s plenty of other places to get what you’ll see on surface of Nomics, but as far as that deep, consistent data, the marketplace is surprisingly horrific.”
This data as a service product approach intends to archive, aggregate and analyze all (both on and off blockchain) cryptocurrencies at an enterprise scale — and cost. The making of an industrial grade API around such a nascent and volatile space could prove to actually become the source, that is provided there is demand for such creation were it to exist.
“It’s waiting list only right now,” Collins says. “I believe in shipping early and often, this is just 1/17th of it.”
While many of those participating in or observing the cryptocurrency market may be lacking an educated understanding of what’s driving prices one way or the other, it’s important to note that infrastructure plays — as Nomics intends to be — are ultimately indifferent on pricing (so long as there exists a market). In fact, some of them are making record revenues right now on just the volatility and transaction frequency, regardless of what direction bitcoin et al. are actually moving.