Castle Island Ventures, Highland Capital Partner, Fidelity Investments, Avon Ventures, Communitas Capital and Collab + Currency increase their stake in the company
Coin Metrics has announced that it will raise $ 15 million in Series B funding. The funding round was led by Goldman Sachs. Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, Communitas Capital and Collab + Currency have all increased their investments in the company after participating in previous fundraising rounds.
Coin Metrics provides network data, market data, indices and network risk solutions. The company said the funding is intended to accelerate its global expansion plans and enable further product innovation.
“Data is critical to the general acceptance of crypto assets by traditional investors and financial service providers. Our clients will benefit greatly from the institutional data insights from Coin Metrics and the new risk management tools. “ said Mathew McDermott, Goldman Sachs Global Head of Digital Assets.
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 lead their Series B so they can grow and support their mission to be the leading provider of data-driven market insights and information for crypto institutions. “
Large investors have been targeting their funds on platforms like Coin Metrics in recent months as cryptocurrencies have been on the rise. This also leads to further validation of the digital currency markets. The approach, however, differs from that in 2017 during the first major virtual currency boom. Investors are more cautious now, and while the potential returns are very enticing, they are looking for solid performance and data before parting with their money.
Retail interest in cryptocurrencies is also attracting banks to invest in companies like Coin Metrics. So far, banks have turned their backs on what many of them still consider a volatile sector, but as free traders like Robinhood soak up the space they are leaving, many more large financial institutions are likely to loosen their wallets in the US over the coming months.