Coin Metrics secures $6 Million Series A funding amid Global COVID-19 Epidemic

Coin Metrics secures $6 Million Series A funding amid Global COVID-19 Epidemic

Coin Metrics has secured a $6 million Series A funding amid global COVID-19 epidemic.

Highland Capital Partners led the latest funding round. Other participants in the funding round include FMR, LLC, Castle Island Ventures, Communitas Capital, Collaborative Fund, Avon Ventures, Raptor Group, Coinbase Ventures, and Digital Currency Group.

Coin Metrics was founded in 2017 by Nic Carter and Aleksei Nokhrin as an open-source blockchain network data and analytics project, Coin Metrics publishes hard-to-acquire, actionable and transparent data about public blockchains. The company also provides market and network data, analytics and research to the community and wider industry. Previously, the company had raised $1.9 million in the latest seed round of venture funding.

Executive Opinions

CEO of Coin Metrics, 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 cryptoasset volatility and the insights we have been able to provide customers highlights the importance of the work we are doing."

He further added, "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. 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."

Coin Metrics plan for the Funds

The newly raised funds will be leveraged to expand Coin Metrics’ team, product offerings and build enhanced coverage of digital assets. Coin Metrics is enabling institutional investors to make informed investment decisions based on its comprehensive and informative suite of crypto assets data products.

Coin Metrics is recognized as a premier destination for network and market data for Bitcoin and crypto asset, notes the announcement.

PC: Coin Metrics Website 

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Mandar Pise Opinions expressed by techsutram contributors are their own. More details

Mandar is a seasoned software professional for more than a decade. He is Cloud, AI, IoT, Blockchain and Fintech enthusiast. He writes to benefit others from his experiences. His overall goal is to help people learn about the Cloud, AI, IoT, Blockchain and Fintech and the effects they will have economically and socially in the future.

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