On May 5, the cryptocurrency data and analytics provider Coin Metrics announced the firm has raised $15 million in Series B financing round. The funding was led by Goldman Sachs and a number of other venture firms, as digital currency data has become a hot commodity in recent times.
Digital Currency Data and Analytics Firm Coin Metrics Raises $15 Million
The Boston-based Coin Metrics has revealed the company has raised $15 million in a Series B financing round that was led by the American multinational investment bank and financial services company, Goldman Sachs.
The company Coin Metrics provides analytical market data, indexes, and network risk solutions for a myriad of digital currencies like bitcoin (BTC) and ethereum (ETH). In addition to Goldman Sachs, the financing round was also bolstered by Collab+Currency, Castle Island Ventures, Highland Capital Partners, Avon Ventures, Communitas Capital, and Fidelity Investments.
Coin Metrics details that the company has â€œinstitutionalized their network and market data offerings over the past 18 months.â€ Some of the largest names in the world of finance and the cryptocurrency industry leverage Coin Metricsâ€™ products, the announcement notes.
Firms like Fidelity Investments, Osprey Funds, and Blockfi have been utilizing several analytics products. Fidelity recently launched its own data and analytics platform called â€œSherlock.â€ Coin Metrics has also revealed that the firm has launched two new products called FARUM and ATLAS.
â€œFARUM and ATLAS are perfect complements to our network and market data products,â€ Tim Rice, cofounder, and CEO of Coin Metrics explained during the announcement. â€œThe tremendous interest we are seeing in these offerings reinforces the value of on-chain data to institutions engaging in crypto assets.â€
Crypto Data and Analytics Products Swell
The company adds that since the Series A funding round in 2019, Coin Metrics has built a team of crypto veterans and individuals involved in traditional financial services. For many years now, Goldman Sachs has been interested in the innovation cryptocurrency solutions and blockchain technology provides.
â€œData is critical for the mainstream adoption of crypto assets by traditional investors and financial services players. Our clients will greatly benefit from Coin Metricsâ€™ institutional-grade data insights and emerging risk management tools,â€ Mathew McDermott, Global Head of Digital Assets of Goldman Sachs said.
Coin Metricsâ€™ recent Series B financing round follows the recent acquisition of Skew analytics, as the firm joined Coinbase last week. Crypto data companies have swelled during the last 12 months a great deal, as companies like Cryptoquant, Dune Analytics, Glassnode, and Messari are giving cryptocurrency investors detailed data sets and deep analysis.
What do you think about Coin Metrics raising $15 million in a Series B financing round led by Goldman Sachs? Let us know what you think about this subject in the comments section below.
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