A nascent company, TruStory has built a platform for investors to explore, examine and authenticate ICO claims (initial coin offerings). Here, it doesn’t matter whether people are preferring a blog, white paper, website or social media platform to announce a project. TruStory aims to create the online medium a credible information resource, reports TechCrunch. Moreover, ICOs are seen as substantial supporters for the new ventures.
Preethi Kasireddy, TruStory’s founder has stepped up in a vast and booming sector, which comes with huge responsibilities. As per CoinDesk, ICOs accumulated $6.3 billion within first three months of this year. It’s a steep 118 percent rise in collection compared to the overall investment made in 2017 through ICO mode.
Simultaneously, the regulators around the world are breaking through a series of Cryptocurrency frauds. Forged investor documents, fake executive teams and false promises of sky-rocketed returns are few techniques to hold the prey.
Additionally, similar to blockchain establishments, now other companies are also launching ICOs, though a majority of them are frauds. According to an analysis by The Wall Street Journal, 271 ICO claims out of 1450 fell into scams category.
Ernst & Young claims that 10 percent of the money raised through ICO is stolen. In fact, it has described Bitcoin as a gateway of scam.
The Cryptocurrency frauds are widespread and favorite among the hackers. Making the situation worse, even the technically sound investors failed to distinguish between the genuine and false ICO claims. There is no point in discussing the average investor position that has no technical knowledge about ICOs. In such scenario, it is a high time to protect stakeholders from misleading information and fraudulent activities available online.
Following this, Preethi Kasireddy’s TruStory just raised $3 million in seed funding initiated by True Ventures. Joining it, Pantera Capital, Kindred Ventures, Homebrew, Coinbase Ventures, Wonder Ventures, Abstract Ventures and Dream Machine also funded this innovative venture.
In order to minimize Cryptocurrency frauds, even individual investors have also backed the new venture. Coinbase co-founder Fred Ehrsam, entrepreneur and investor Scott Belsky and former Twitter M&A officer Jessica Verrilli believe in Kasireddy’s knowledge and experience in Cryptocurrency sector.
Kasireddy’s Interest in ICO Claims
Preethi Kasireddy began her career as a banking analyst with Goldman Sachs. Here, she learned the financial operations of tech companies. Preceding this, she was a USC scholar studying industrial and systems engineering. Within less than a year in the first job, Kasireddy moved to a role, offered by Andreessen Horowitz, in the field of deals group. This is where her interest in blockchain evoked.
Later on, she joined Coinbase as a self-taught software engineer and developed integration interfaces that run on Ethereum. Being a sharp learner, Kasireddy started observing the market dynamics of blockchain industry too. She was mesmerized by the amount of money raised through ICOs. On the other hand, she also got the concern over the rise in Cryptocurrency frauds.
Subsequently, Kasireddy realized the immediate need and growing opportunity in filtering the blockchain industry.
Eventually, Kasireddy, created TruStory, a platform that will be used to corroborate information more than in 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. However, there are other ways to use the same incentive design to validate other claims,” she informs.
Without disclosing TruStory’s process of will legitimating ICO claims, Kasireddy states that she will take the help of scientists and researchers in doing so.
Presently, Kasireddy is individually handling TruStory operations and planning to hire few engineers. Contrarily, she is not interested in making any ICO claims for the purpose of loading additional finance to the company.
“We’ll fund ourselves through the development of our tokens, and we expect the tokens eventually to fund the business.