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 “institutionalized their network and market data offerings over the past 18 months.” Some of the largest names in the world of finance and the cryptocurrency industry leverage Coin Metrics’ 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 “Sherlock.” Coin Metrics has also revealed that the firm has launched two new products called FARUM and ATLAS.
“FARUM and ATLAS are perfect complements to our network and market data products,” Tim Rice, cofounder, and CEO of Coin Metrics explained during the announcement. “The tremendous interest we are seeing in these offerings reinforces the value of on-chain data to institutions engaging in crypto assets.”
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