Coin Metrics, a blockchain analytics and research company, has acquired $6 million in funding through a Series A investment round, which was led by existing investor Highland Capital Partners.
Coinbase, Digital Currency Group, Dragonfly Capital, and Fidelity (among others) also took part in Coin Metrics’ latest funding round. The company had reportedly finalized the round prior to mid-March, which was when the global equity markets plummeted, because of the coronavirus (COVID-19) outbreak.
As mentioned in a press release:
“Coin Metrics [aims to] set the standard for institutions by providing the most comprehensive and informative suite of crypto asset data products to enable institutional investors to make informed investment decisions.”
Tim Rice, CEO at Coin Metrics, stated:
“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.”
Established in 2017 by Aleksei Nokhrin and Nic Carter, Coin Metrics is an open-source blockchain network data and analytics initiative. The company has become a leading and trusted industry resource for gaining an understanding of distributed ledger technology (DLT) network data.
Coin Metrics’ research team provides insights by monitoring the operational and economic activity that takes place on public (permissionless) blockchains, which may be tracked by operating a full node.
Tim Rice joined as Coin Metrics’ co-founding CEO back in November 2018. He has been tasked with driving the commercialization of Coin Metrics’ products and services. He brings more than 30 years of professional experience working with traditional financial markets data.
Sean Judge, principal at Highland Capital Partners, remarked:
“Financial institutions require clean and transparent data to make decisions. These same requirements exist for Bitcoin and other cryptoassets that have emerged over the last decade. It’s become clear that Coin Metrics is the premier destination for network and market data.”