2021-5-6 15:51 |
Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, Communitas Capital, and Collab+Currency raise stakes in company
Coin Metrics has announced that it has raised $15 million in Series B financing. The financing round was led by Goldman Sachs. Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, Communitas Capital, and Collab+Currency increased their investments in the company after participating in previous fundraising rounds.
Coin Metrics provides network data, market data, indexes and network risk solutions. The company said the financing is intended to accelerate its global expansion plans and facilitate further product innovation.
“Data is critical for the mainstream adoption of cryptoassets by traditional investors and financial services players. Our clients will greatly benefit from Coin Metrics’ institutional-grade data insights and emerging risk management tools,” said Mathew McDermott, Global Head of Digital Assets of Goldman Sachs.
Marianna Lopert-Schaye, in Firmwide Strategy at Goldman Sachs added, “Coin Metrics is at the forefront of innovation and institutionalization in the digital asset markets. We are excited to be leading their Series B, thereby enabling their growth and supporting their mission to be the leading provider of data-driven market insights and intelligence for institutions in crypto.”
Large investors have been targeting their funds into platforms such as Coin Metrics over the past few months as cryptocurrencies have been taking off. This also adds further validation to the digital currency markets. The approach differs from the one taken in 2017, however, during the first major virtual currency boom. Investors are more wary now, and while the potential yields are very enticing, they are looking for solid performance and data before parting with their cash.
Retail customer interest in cryptocurrencies is also drawing in banks to invest in companies such as Coin Metrics. To date banks have steered away from what many of them still consider to be a volatile sector, but as free traders like Robinhood soak up the space they are leaving, it is likely we will see many more large financial institutions loosening their purse strings in the coming months.
The post Coin Metrics Completes $15M Series B Round appeared first on Coin Journal.
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