Digital Asset Data Gets $3.2 Million To Expand Its Institutional Services, Hopes to Be the Bloomberg of Crypto
A crypto and fintech company called Digital Asset Data has recently been able to get around $3.2 million USD during a funding round, its press release revealed. Digital Asset Data is a company focused on providing the tools which are necessary for asset managers to analyze the crypto market in order to make more profit off it.
The money, which was gotten via equity funding, came from several companies. North Island and Silver Lake’s co-founder Glenn Hutchins and his son James were the main investors of the company, which also had the participation of companies such as Digital Currency Group, CMT Digital, Amidst Capital, Ikigai Asset Management, Vestigo Ventures and Morgan Creek Digital.
Now, the new funds are said to be added to the $6 million USD previously gathered by the company. This means that the company was able to snatch over $9 million USD in funding this year.
Hutchins affirmed that he joined the board of directors of the company after the round and revealed that the firm has built a full-stack, institutional-quality platform that would be focused on serving several institutional actors such as venture capital funds, hedge fund and banks which could be interested in profiting from the crypto world.
He also affirmed that data is at the core of any investment because you simply cannot invest without having actual solid data.
Funding Will Be Used to Improve the Company
Mike Alfred, the CEO of the company, told The Block Crypto that the main use of the funds will be to hire more people to work there. Mainly data scientists and engineers are said to be hired in order to improve the quality of the offerings.
So far, most of the team is also comprised of tech people and the trend is set to get even stronger with time.
At the moment, the company already has over 20 institutional clients and the number is probably going up soon. Now, Alfred affirmed that another equity round is ready to take place next year, so the company is going to continue scaling its business until it can play with the big players.