thecoinrepublic.com
- Goldman’s head of digital assets to join Coin Metrics’ board
- 156 startups have worked in the field of cryptocurrency and raised $3.1 billion
- Coin Metrics is educating its customers about how blockchain-based transactions
Coin Metrics, a cryptocurrency and blockchain data provider to institutional clients, was founded in 2017. The firm has consistently grown with two rounds of seed investment worth $1,900,000 from Castle Island Ventures, Dragonfly Capital Partners, Fidelity Investments, and Highland Capital Partners. bloomberg.com reports that the firm has raised $15 million through investors led by Goldman Sachs Group Inc.
Bloomberg.com quoting Tim Rice, a co-founder and the firm’s chief executive officer, said that the firm plans to use the capital to grow in Europe and Asia. It also plans to create new products and expand its current services.
Bloomberg.com also revealed that Mathew McDermott, the current head of digital assets for Goldman Sachs’s global markets division, will sit on the board of directors.
156 startups in the field of cryptocurrency and raised $3.1 billion
The cryptocurrency segment looks upbeat, with investors investing in projects such as Paxos Trust Co., Digital Asset Holdings LLC, and Chainalysis Inc. Major currencies like Bitcoin(BTC) and Ether values have increased in recent months. As per inputs by CB Insights, till 27 April, more than 156 startups have worked in cryptocurrency and raised $3.1 billion. CB Insights adds that last year 341 startups invested $2.3 billion in funding for all.
Large firms also looking at crypto in a different perceptive
Rice was quoted by bloomberg.com, who said that as compared to the last bull market in 2017, large firms such as asset managers and Wall Street banks are approaching crypto differently. People are more into a holistic data solution and hence require reliable data to get into the asset class.”
Most traditional financial institutions and Banks have remained on the sidelines. However, today, firms like Coin Metrics educate their customers about how blockchain-based transactions work compared to traditional payment networks.