Coin Metrics Inc. Close Venture Funding Round after Raising $1.9 Million
According to a press release published February 27, 2019, the leading cryptocurrency market data and analytics firm Coin Metrics Inc. has successfully raised $1.9 million in its venture funding round. The round was led by Castle Island Ventures and saw participation from Fidelity Investments, Dragonfly Capital, and Highland Capital Partners.
Aim to Offer 360 Degree Data Solutions
Coin Metrics aims to become the go-to data depository for gathering accurate figures and metrics of the nascent crypto industry.
The company provides transparent and refined data to a number of industry stakeholders including financial enterprises, funds, media and research outlets, and data/application providers. Data provided by Coin Metrics help its clients and the public to comprehend, value, and use crypto assets in a better manner.
Tim Rice, co-founding CEO of Coin Metrics believes the participation from premier groups as investors is “a great vote of confidence” for the company. He said:
“We are building a world-class data company from the ground up to ensure the type of support and quality that top tier funds and asset managers expect. Coin Metrics is leveraging its groundbreaking work in on-chain network data by deploying the same rigor to exchange market data supported by a state-of-the-art data collection and delivery infrastructure.”
Rice further added that Coin Metrics’ approach to compiling data for the crypto asset market will revolve around the guiding principles from the IOSCO Benchmark for Financial Benchmarks.
About Coin Metrics
Coin Metrics was founded in 2017 by Nic Carter and Aleksei Nokhrin as an open-source blockchain network data and analytics project. Since its inception, Coin Metrics has become one of the cornerstones for crypto data analytics along with CoinMarketCap.
The website provides valuable insights regarding the operational and economic activity occurring on a public blockchain that can be observed by running a full node. The firm was officially incorporated in August 2018.
Coin Metrics boasts of finance and capital markets stalwarts in its team.
Tim Rice joined the firm in November 2018 as co-founding CEO, with over 30 years of experience in his resume. Prior to joining Coin Metrics, Rice spent his last two years at ConsenSys working as a catalyst to bridge the gulf between the emerging crypto industry and traditional capital markets.
Crypto Analytics Firms Catering to New Demands
Seeing the need for complex data metrics in the crypto industry, data analytics firms are continually sharpening their offerings to empower users in the best possible manner.
BTCManager reported on November 6, 2018, how CoinGecko launched a new feature named “Beam” to enhance transparency among blockchain ventures.
Similarly, on August 3, 2018, reports emerged how CoinMarketCap launched a new API to help developers and programmers integrate the website’s refined and segregated data into their applications.