Crypto news: Coinbase chooses Truflation as investment of inaugural fund
Crypto news: Coinbase chooses Truflation as investment of inaugural fund
DeFi

Crypto news: Coinbase chooses Truflation as investment of inaugural fund

By Andrea Porcelli - 12 Sep 2023

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In a move that promises to revolutionize the way we perceive and access economic data, Coinbase announced the news of its selection of Truflation as one of the first six investments for the Base Ecosystem Fund. 

Truflation, an independent and unbiased provider of verifiable economic data, emerged from a shortlist of more than 800 applicants.

Coinbase news on the first investment for the Base Ecosystem Fund

The Base Ecosystem Fund, managed by Coinbase, is dedicated to supporting early-stage projects operating within the Base network, Coinbase’s state-of-the-art Layer 2 solution. 

Truflation‘s inclusion in this elite group follows the recent launch of its enhanced data streams, which offer users unprecedented access to independent, verifiable price data in key sectors such as housing, labor and transportation in the United States.

Stefan Rust, CEO of Truflation, expressed his enthusiasm for this collaboration, stating: 

“We are immensely proud of the product we developed at Truflation and deeply grateful for the vote of confidence from the Base team. This investment marks the beginning of a productive partnership with Base, in which we aim to attract other innovative projects to the ecosystem and contribute to the future of Web3.”

Truflation’s real-time inflation data offers invaluable benefits to the entire Web3 ecosystem. 

Truflation’s commitment is to democratize access to this crucial data, offering a more accurate representation of the true state of the US and UK economies, free of time lags and based on millions of data points. This is in stark contrast to the slow and outdated data provided by official channels.

Truflation: one of the most important resources in the economic data landscape

When it comes to the economic data landscape, Truflation stands as a pioneer, offering a completely independent source of truth for inflation data in both the United States and the United Kingdom. 

By aggregating millions of data points in real time, Truflation provides an accurate alternative to the slower and less comprehensive data collection methods used by official agencies.

But what makes Truflation truly innovative is its commitment to providing real-time inflation updates. Using the Oracle Chainlink ecosystem, Truflation delivers daily inflation updates through Truflation Oracle. 

This level of granularity and frequency sets a new standard in the industry, enabling investors, companies and individuals to make data-driven decisions with unprecedented accuracy.

In a world where economic decisions are often based on outdated monthly reports from government agencies, Truflation’s contribution is nothing short of revolutionary. 

By offering daily updates based on current market conditions and millions of data points, Truflation enables users to stay ahead of the curve in an ever-changing economic landscape.

Why Coinbase chose to invest in Truflation

In a blog post explaining its choice to invest in Truflation, Base emphasized the importance of having an unbiased third party reporting on crucial financial metrics and making them easily accessible on the blockchain

This move represents a significant step toward greater data fidelity, particularly with regard to measuring inflation, a metric that impacts virtually every aspect of the economy.

Truflation’s approach departs significantly from the conventional data collection methods used by official agencies such as the US Bureau of Labor Statistics (BLS) and the UK’s Office for National Statistics (ONS). 

While the BLS and ONS rely on surveys and periodic collection of sales price data, Truflation operates in a category of its own. With more than 12 million data points collected daily, Truflation provides a comprehensive and up-to-date picture of inflation trends.

The frequency of data collection further underscores the superiority of Truflation’s approach. While the BLS and ONS update their data monthly, often with significant time lags, Truflation offers daily updates. 

In an era when economic conditions can change rapidly, daily updates provide valuable information to decision makers.

Truflation’s commitment to data transparency and accuracy is evident in its use of commercial APIs from various market data providers. 

In conclusion, Coinbase’s selection of Truflation for the inaugural investment of the Base Ecosystem Fund is a testament to the growing importance of independent, real-time economic data in the world of Web3 and blockchain technology.

With the development of this partnership, we can envision a future in which economic information will not only be more accurate, but also more accessible to all.

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