Deep Analytics Firm Coin Metrics Raises $6M; Led by Highland Capital, Fidelity, Coinbase
The famous crypto data provider Crypto Metrics raised $6 million with a Series A funding round backed by Coinbase Ventures and Fidelity Investments among others.
— CoinMetrics.io (@coinmetrics) March 26, 2020
The Highland Capital Partners led the round, while the blockchain data firm announced on Thursday that it also had placements from Avon Ventures, Communitas Capital, Raptor Group, Castle Island Ventures, Collaborative Fun and Digital Currency Group (DCG).
Coin Metrics to Expand Team and Offerings
Boston-based Coin Metrics said it’s going to use the funding to expand its team and offerings. The company provides open-source data analytics for institutional clients and opened the funding to improve data sets. The round was closed before mid-March as a result of the global equity markets plunging because of the Coronavirus pandemic. In February last year, it raised $1.9 million in another seed round backed by Highland Capital Partners, Fidelity and Dragonfly Capital.
Highland Capital Partners Wants Quality of Data in Crypto
Highland Capital Partners has 271 companies in its early-stage investment fund portfolio and has been founded in 1988. It focuses on tech and backed the Ask Jeeves search engine during the dot.com era. Its principal, Sean Judge, thinks it’s very important that the quality of crypto data improves, seeing more and more traditional investors are coming into the digital asset space. Here are his exact words about Coin Metrics’ role:
“Financial institutions require clean and transparent data to make decisions. These same requirements exist for bitcoin (BTC) 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.”
Coin Metrics Can Cater to More Institutional Clients
Tim Rice, the CEO of Coin Metrics, mentioned his company is already following the strictest diligence processes in order to comply with its clients’ requirements, which means the crypto data provider is in a great position to cater to an even larger institutional ecosystem.