Messari CEO Ryan Selkis has something to celebrate (via Twitter).

Selkis raises $4 million for Messari to bring cryptocurrency information to traders

The data aggregator and validator seeks to make the kind of information readily available to traditional investors to the often-murky cryptocurrency business

Cryptocurrency research firm Messari has raised $4 million to help it bring more sunshine into the murky world of cryptocurrency issuers.

The year-old firm’s Messari Disclosure Registry aims to provide what should be easily available basic information about cryptocurrency projects that is typically difficult to find, such as token design, technology audits, and the identity of employees and investors. 

It’s LUCA tokens give holders a vote on admitting or expelling Registry members, and rewards for doing validation work. So far, 56 firms have passed the three-part review process and paid the $10,000 annual listing fee. 

The $4 million funding round was led by venture capital firm Uncork Capital. It’s founder, Jeff Clavier, will join the Messari board.

Clavier said the company “is building critically needed infrastructure that is currently lacking in the crypto ecosystem.” 

Making high quality, open, and transparent data publicly available is vital if the cryptocurrency industry is going to go mainstream, Clavier added. 

The Messari team and CEO Ryan Selkis “have built a strong picks and shovels business in an otherwise volatile and unpredictable market,” he added.

The kind of disclosure Messari is working on gathering is part of the information the SEC requires public companies to make available. Its lack is one of the reasons the agency has so aggressively pursued initial coin offerings (ICO) that failed to register as securities.

The money raised will be used to help automate and improve the intake and processing of data on registry members, as well as collecting data on hundreds of other tokens, according to a release. The firm has also “recently also launched an array of compliance tools and an enterprise API aimed at serving the global market of funds, exchanges, and brokers investing in crypto assets.

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Leo Jakobson, Modern Consensus editor-in-chief, is a New York-based journalist who has traveled the world writing about incentive travel. He has also covered consumer and employee engagement, small business, the East Coast side of the Internet boom and bust, and New York City crime, nightlife, and politics. Disclosure: Jakobson has put some 401k money into Grayscale Bitcoin Trust.