The cryptocurrency markets can be volatile AF. Enter Pumpalert, a company that sends email alerts to subscribers when cryptocurrencies such as bitcoin shoot up or down.
Cyrptocurrency is exchanged in the digital realm using cryptography, a system of secret messages. While there’s no tangible asset, it has a dollar value that can fluctuate a lot on a day-to-day basis.
The company, with HQ in Newport Beach, launched a beta version of its product in January. So far, it’s bootstrapped its funding with $15,000, CEO Kevin Bikhazi said.
Pumpalert created a neural network – a computer system modeled on the human brain and nervous system – that provides alerts with alacrity. The company calls it an “early warning system.”
The monthly subscription fee is $25.
Bitcoin is just one type of cryptocurrency. It was valued at about $8,700 as of mid-February, according to Coindesk, which tracks various cryptocurrencies. Bitcoin peaked at approximately $19,50 late last year, according to news reports. Other examples are Ethereum and Ripple.
Pumpalert is the latest in the realm of data gatherers. Recently, a joint venture was announced by Intercontinental Exchange, which owns the New York Stock Exchange, and startup Blockstream for a data feed that will glean info from more than 15 cryptocurrency exchanges around the world and deliver it to financial firms, according to news reports. Blockstream is a provider of blockchain technology.
Blockchain is a continuously-growing list of records, called blocks, which are linked and secured using cryptography. A global network of computers uses blockchain technology to jointly manage the database that records Bitcoin transactions.