Blockchain analytics firm Coin Metrics raises $6M in Series A funding led by Highland Capital Partners
Mon, 30 Mar 2020, 00:23 am UTC
Blockchain analytics startup Coin Metrics has raised a $6 million Series A funding round.
In a press release, Coin Metrics announced that the funding round was led by its returning investor Highland Capital Partners with participation from FMR, LLC, Castle Island Ventures, Communitas Capital, Collaborative Fund, Avon Ventures, Raptor Group, Coinbase Ventures, and Digital Currency Group. The money will be used to strengthen and grow the Coin Metric’s team, expand its product offering and provide enhanced coverage of digital assets.
“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 cryptoasset volatility and the insights we have been able to provide customers highlights the importance of the work we are doing,” said Tim Rice, CEO of Coin Metrics.
Coin Metrics was created in 2017 by Nic Carter and Aleksei Nokhrin as an open-source blockchain network data and analytics project. It became a major industry resource for understanding network data. All of its operational and economic activity occurs on a public blockchain and can be observed by running a full node. Rice joined as co-founding CEO in November 2018.
Coin Metrics is the go-to provider for cryptoasset network and market data. It has come out as a trusted brand for building institutional-grade cryptoasset infrastructure and providing valuation frameworks 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”, Rice added. “These firms have strict due diligence processes before onboarding a data provider, and I am happy to say we have been able meet their requirements. This is a major hurdle for any vendor, much less a start-up, and is key to our continued success.”
Sean Judge, Principal at Highland Capital Partners, recognized the need for financial institutions and cryptoassets like Bitcoin for clean and transparent data to make decisions. He believes that Coin Metrics is “the premier destination for network and market data.”
Aside from Judge, Bob Davis, General Partner at Highland Capital Partners, has joined Coin Metrics’ Board of Directors.
<Copyright © TokenPost. All Rights Reserved. >