Crypto analytics firm Coin Metrics has just closed a $15 million funding round, led by Goldman Sachs. The round, which brings Coin Metrics’ total funding to $25 million, will be used to double the company’s headcount in both its New York and London offices. The investment will also be used to further develop the company’s proprietary trading algorithms and build out Coins’ data science team, the company said in a press release.
Cryptocurrency is an extremely complex system. The real-time pricing of crypto assets, the network effect, and the new market dynamics are all part of what makes the currency so interesting and lucrative. With that in mind, it makes sense that crypto analytics firm Coin Metrics is raising money and attracting big names in investment like Goldman Sachs. The company raised $15 million in a Series A funding round, led by Goldman Sachs’ Principal Strategic Investments Group.
The 5th. In May, Coin Metrics announced that it had raised $15 million in Series B funding. Goldman Sachs and a number of other venture capital firms led the funding as digital currency data has become a hot commodity recently.
Coin Metrics, a company that analyzes data on digital currencies, has raised $15 million
Boston-based Coin Metrics has announced that it has raised $15 million in a Series B funding round led by US multinational investment bank and financial services firm Goldman Sachs.
Coin Metrics provides market intelligence, indices and network risk solutions for various digital currencies, including bitcoin (BTC) and etherium (ETH). In addition to Goldman Sachs, Collab+Currency, Castle Island Ventures, Highland Capital Partners, Avon Ventures, Communitas Capital and Fidelity Investments also participated in the round.
Coin Metrics says it has institutionalized its network and market data offerings over the past 18 months. Some of the biggest names in finance and cryptocurrencies use Coin Metrics’ products, according to the report.
Firms such as Fidelity Investments, Osprey Funds and Blockfi use a variety of analytics products. Fidelity recently launched its own data and analytics platform called Sherlock. Coin Metrics also reported that it has launched two new products, FARUM and ATLAS.
FARUM and ATLAS are an ideal complement to our network and market data products, said Tim Rice, co-founder and CEO of Coin Metrics, at the announcement. The huge interest we are seeing in these offerings confirms the value of blockchain data for crypto institutions.
Data and analytics products for cryptocurrencies are gaining popularity
The company adds that since its 2019 Series A funding round, Coin Metrics has built a team of crypto veterans and traditional financial services providers. Goldman Sachs has been interested in cryptocurrency innovation and blockchain technology for years.
Data is critical to the adoption of crypto assets by traditional investors and financial services firms. Our clients will benefit greatly from Coin Metrics’ institutional-level data analytics and new risk management tools, said Matthew McDermott, global head of digital assets at Goldman Sachs.
Coin Metrics’ latest Series B funding round follows its recent acquisition of analytics company Skew, which joined Coinbase last week. Data companies in cryptocurrencies have grown tremendously over the past 12 months, with Cryptoquant, Dune Analytics, Glassnode and Messari providing cryptocurrency investors with detailed datasets and in-depth analytics.
What do you think about Coin Metrics raising $15 million in a Series B funding round led by Goldman Sachs? Let us know what you think in the comments below.
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