Cryptocurrency market intelligence firm Messari has raised $21 million in a Series A funding round led by the Point72 Ventures.
In a press statement, Messari noted that the funds will be channeled towards expanding its services on a global scale for its Pro and Enterprise product suites.
Furthermore, the investment will enable Messari to triple the size of its engineering and research teams. Messari also seeks to launch new products to increase more participation in decentralized projects.
Other participants in the funding round include existing investors like Coinbase Ventures, Uncork Capital, and Underscore VC.
The round also attracted strategic investors including Alameda Capital, Blockchain Ventures, CMS Holdings, Gemini Frontier Fund, Winklevoss Capital, Kraken Ventures, and Nascent. Angel investors Thomson Reuters CEO Tom Glocer and Anchorage Co-Founder and President, Diogo Monica also took part.
“We are proud to partner with an exceptional syndicate of new and existing investors that will help usher in Messari’s next phase of growth. Thousands of investors, crypto enterprises, and token projects already rely on our products and services to conduct industry diligence and participate in the emerging crypto economy. This new funding reinforces the value we have created for our early crypto-native customers and highlights the opportunity we have to solve some of crypto’s most challenging information and compliance problems for new institutional entrants as well,” said Ryan Selkis, Messari’s co-founder & CEO.
Banking on institutions
Additionally, Messari also plans to lure institutions into the crypto space by offering additional products. Recently, the firm launched the Messari Asset Coverage Support (“MACS”) product. The research tool makes it simple for onboarding, integration, and support of new crypto assets for institutional compliance and product.
In 2021, the cryptocurrency sector has witnessed an influx of institutional investors. Notably, firms like Messari are helping institutions enter the space with ease.
Messari added that following the funding round, Point72 Venture’s operating partner Adam Carson joins the firm board of directors.
The firm, founded in 2018 to enhance transparency and smarter analysis of the cryptocurrency industry.