Cryptocurrency financial data provider Coin Metrics announced that it had completed a funding round that raised $6 million. Highland Capital Partners spearheaded the round.
Other participants include Avon Ventures, Raptor Group, Coinbase Ventures, Communitas Capital, Collaborative Fund, Digital Currency Group, Castle Island Ventures, and FMR LLC.
The funds will be used to strengthen and grow Coin Metrics’ team, provide enhanced coverage of digital assets, and expand their product offering according to their official announcement.
Coin Metrics is setting the standard for institutional investors providing comprehensive and informative products for this market segment. The CEO Tim Rice said:
“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. Recent crypto asset volatility and the insights we have been able to provide customers highlights the importance of the work we are doing.”
The startup company was created in 2017 by Nic Carter and Aleksei Nokhrin. At that time, it operated as an open-source blockchain network data and analytics project. Since then, it has become a significant industry resource for understanding network data.
Growth and Development
Currently, Coin Metrics is the go-to provider for crypto asset network and market data. It has emerged as the trusted brand for building an institutional-grade crypto-asset system and offering valuation infrastructure for investors.
“The foundation we’ve laid to become a provider to traditional capital markets is a key advantage for Coin Metrics, as assets like Bitcoin continue to draw interest and investment from these institutions. They have strict due diligence processes before onboarding a data provider, and I am happy to say we have been able to meet their requirements. This is a major hurdle for any vendor, much less a start-up, and is key to our continued success.”
The funding round comes in the wake of adding top financial services talent to enhance Coin Metrics in the years ahead.
Recently, the company added are Kerry Yndestad (CIO) and Katie Chase (COO) to its team. Both individuals have an impeccable resume that spans a combined 50 years in the financial and technology space.
Financial institutions need clean and transparent data to make decisions. This same requirement is necessary for Bitcoin and other crypto-assets that have emerged in the last ten years. Now, it has become clear that Coin Metrics is the key destination for network and market data.