Crypto Analytics Firm Coin Metrics Raises $6M USD In Series A Fundingbr>
Crypto analytics firm Coin Metrics has raised $6 million in a Series A funding round led by Highland Capital Partners. The round also saw participation from MR, LLC, Castle Island Ventures, Communitas Capital, Collaborative Fund, Avon Ventures, Raptor Group, Coinbase Ventures, and Digital Currency Group.
Coin Metrics was founded in 2017 as an open-source project to provide the public with actionable and transparent network data. Today, Coin Metrics delivers mature data across multiple formats to various industry stakeholders, including financial enterprises, funds, media and research outlets, and data/application providers. Coin Metrics’ data empowers its clients and the public to better understand, value, use, and ultimately steward public crypto networks.
The latest funding will be used to continue to strengthen and grow Coin Metrics’ team, expand their product offering and provide enhanced coverage of digital assets.
Coin Metrics said that their goal is to set the standard for institutions by providing the most comprehensive and informative suite of cryptoasset data products to enable institutional investors to make informed investment decisions.
“Our ability to distill operational and economic activity occurring on a blockchain network, by running full nodes and performing deep analytics, is imperative for broader institutional investment in this space,” said Tim Rice, CEO of Coin Metrics. “Recent cryptoasset volatility and the insights we have been able to provide customers highlights the importance of the work we are doing.”
Sean Judge, Principal at Highland Capital Partners, said that financial institutions require clean and transparent data to make decisions, adding that these same requirements exist for bitcoin and other cryptoassets that have emerged over the last decade.
“It’s become clear that Coin Metrics is the premier destination for network and market data.” said Judge.