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Through the new funding, Coin Metrics will seek to roll out similar products, with the goal of contributing to the ever-expanding digital currency ecosystem.
Coin Metrics has secured a new $15 million in its latest Series B funding round led by American investment and financial services firm, Goldman Sachs Group Inc (NYSE: GS). In a landmark move for the company, other previous investors including Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, Communitas Capital, and Collab+Currency added to their stakes in the firm. Through the funding round, Coin Metrics attracted a new set of investors, including Acrew Ventures, Morningside Group, BlockFi, and Warburg Serres Investments.
Coin Metrics is one of the prominent providers of crypto financial intelligence in the fast-growing digital currency ecosystem. The firm offers network data, market data, indexes, and network risk solutions to institutions with interest in the cryptocurrency industry. Some of the company’s partners include but not limited to Fidelity Investments, Osprey Funds, and BlockFi. The funding reveals how important crypto players see data, and the trust in the firm’s offerings to bring in increased valuations over time as will be fueled by increased adoption of crypto assets in general.
“Data is critical for the mainstream adoption of crypto assets by traditional investors and financial services players. Our clients will greatly benefit from Coin Metrics’ institutional-grade data insights and emerging risk management tools,” said Mathew McDermott, Global Head of Digital Assets of Goldman Sachs. Per the announcement, McDermott will be joining the Coin Metrics’ Board of Directors.
Marianna Lopert-Schaye, in Firmwide Strategy at Goldman Sachs, added:
“Coin Metrics is at the forefront of innovation and institutionalization in the digital asset markets. We are excited to be leading their Series B, thereby enabling their growth and supporting their mission to be the leading provider of target="_blank" rel="noopener">introduced a subscription-based model to complement its free services.
Coin Metrics has a very different target, with new products designed including a network risk management offering, FARUM™, and a universal block explorer, ATLAS™, both of which are invaluable not just to retail players but institutional investors in general.
“FARUM and ATLAS are perfect complements to our network and market data products,” said Tim Rice, co-founder, and CEO of Coin Metrics. “The tremendous interest we are seeing in these offerings reinforces the value of on-chain data to institutions engaging in crypto assets.
Through the new funding, Coin Metrics will seek to roll out similar products, with the goal of contributing to the ever-expanding digital currency ecosystem.