Crypto data analytics provider Coin Metrics announced that it raised $15 million in Series B funding round led by investment bank Goldman Sachs. Coin Metrics is responsible for providing network data, market data, indexes and network risk solutions. The financing will allow the data analytics company to continue expanding outreach and innovation.
Previous investors Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, Communitas Capital, and Collab+Currency are also increasing their investment in the company. They are joined by 4 new investors in Acrew Ventures, Morningside Group, Blockfi and Warburg Serres.
The report stated that Matthew McDermott, who is Managing Director at Goldman and a large proponent of the firm’s recent venture into cryptocurrencies, will join Coin Metrics’ as a board of director.
“Data is critical for the mainstream adoption of crypto assets by traditional investors and financial services players. Our clients will greatly benefit from Coin Metrics’ institutional-grade data insights and emerging risk management tools,“ he said.
The CMBI index (also known as Coin Metrics Bletchley Index) saw major success with institutional clients since its launch earlier last year. Leveraging their extensive network data offerings, the index was used by some prominent names in the cryptocurrency space, including Fidelity Investments, Osprey Funds and BlockFi.
Following their recent success, Coin Metrics also unveiled two new institutional products focused on network risk management and universal block explorer.
“The tremendous interest we are seeing in these offerings reinforces the value of on-chain data to institutions engaging in crypto assets. I couldn’t be more proud of what the team has built over the past 12 months. Our data is clearly on a path to becoming an integral part of the infrastructure for the future of finance,” said Coin Metrics CEO Tim Rice.
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