The Investitionbank Berlin (IBB) recently organized a ProFIT program, with the help of which Upvest, asset tokenization startup, <a href="https://www.theblockcrypto.com/post/67731/tokenization-startup-upvest-raises-1-million-to-develop-prediction-tool-for-ethereum-gas-fees?utm_source=rss&amp;utm_medium=rss" target="_blank" rel="noopener">raised</a> funding of $1.01 million from the European Regional Development Fund.
<h2>Prediction Tool For Ethereum Gas Fee</h2>
Currently, the Germany-based company has been working on its prediction tool for Ethereum gas fee, so now it has decided to use the raised fund in the further development of the project.

Whenever Ethereum transaction happens, it consumes gas or could be said the transaction fees, which later is transferred to those miners who complete the transactions.

According to the Upvest, the Ethereum gas fees for the transaction has a risk of either being overfunded or underfunded.

It further mentioned, “Overfunded transactions add up in terms of cost, especially when transaction count adds up. Underfunded transactions, on the other hand, come with the risk of being dropped, so never included in mined blocks”.
<h2>Estimation Engine By Upvest</h2>
The Upvest created an estimation engine to deal with this overfunded and underfunded issue. While developing a transaction fee recommendation, the company used the machine learning technology so that it could be in the form of API (application programming interface).

The engine used by the clients to find out the real-time network signals and data so that they could evaluate the gas fees and enhance their costs.

Upvest did a pilot test of the estimation engine and found that the efficiency of the transaction is raised by 18 percent which means while making payment the transaction was not only faster but also cheaper.

It further mentioned that the company has developed the APIs especially for those firms which are involved in processing a large amount of Ethereum-related transaction.

In December 2019, Upvest earned $7.8 million in its Series A funding round, and the recent investment the company raised, has come in addition to that.

The fund raised in Series A round was used to support the tokenized financial assets of more companies through blockchain.

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Upvest To Use $1 Million Fund For Designing Prediction Tool

Upvest, asset tokenization startup, raised funding of $1.01 million from the European Regional Development Fund, through a ProFIT Program.

Jyoti is a graduate from GGSIPU and has done her PG Diploma in English Journalism from IIMC. Presently, she is working as a content writer with Agio Support Solution Pvt. Ltd. Her aim is to provide informative content about cryptocurrency and blockchain, to the tech-enthusiasts.

Upvest To Use $1 Million Fund For Designing Prediction Tool

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