Cryptocurrency analytics firm Coin Metrics has nabbed in $6 million in a Series A funding round. The round was led by Highland Capital Partners with participation from Castle Island Ventures, Communitas Capital, Coinbase Ventures and Digital Currency Group.
Commenting on the funding, Coin Metrics stated that the fresh capital will be used for hiring, expanding its product line and offering enhanced coverage of digital assets.
CEO Tim Rice said, “Given the current global crisis, 2020 will likely not get us to the black. The timing of our fundraise puts us in a good position. We are aiming to extend our brand image and providing the market with unique data to help institutions invest. We believe 2021 will be a turning point,” He went on to add that Coin Metrics also has a number of tools which enables clients to run their own queries.
— CoinMetrics.io (@coinmetrics) March 26, 2020
The firm executed its seed round back in 2019 and raised $1.9 million from Fidelity, Highland Capital Partners, and Dragonfly Capital.
Importance of Data for Financial Institutions
Sean Judge, Principal at Highland Capital Partners seemed to be quite optimistic about the latest investment. He is of the opinion that data is the most important driving factor for financial organizations.
He said, “Financial institutions require clean and transparent data to make decisions. These same requirements exist for Bitcoin and other crypto-assets that have emerged over the last decade. It’s become clear that Coin Metrics is the premier destination for network and market data.”
Thrilled to announce that I’ve joined the Board @coinmetrics as part of @HighlandCapital leading the Series A. At HCP, we have often been first to invest in businesses built around new technologies. Here is no different. Excited to partner with @timrice99 and team on the journey https://t.co/k1AfOp8Q6m
— Sean Judge (@seanjudgehcp) March 26, 2020
Who is Coin Metrics?
Coin Metrics is a blockchain network data and analytics firm. Founded in 2017 by Nic Carter and Aleksei Nokhrin, the venture has now become one of the most popular platforms for understanding the operational and economic aspects of public blockchains.