Nomics Crypto API Data Service Secures $3 Million Led By Arthur Ventures, Coinbase And BitGo
Nomics Raise $3 Million USD In Series A Round Led By Coinbase Ventures
During a recent Series A funding round, Nomics, a crypto data startup, was able to raise about $3 million USD. The funding round was led by Coinbase Ventures. The investments will be mostly used to flesh out the team of engineers of the company and to continue working on data, especially on the data about how the crypto market is traded.
The funding round had many others backers like Arthur Ventures, CoVenture Crypto, CityBlock Capital, Digital Currency Group, King Capital, TokenSoft, Polymath and the BitGo founder Ben Davenport.
Nomics CEO Clay Collins has affirmed that almost all people involved with the company working full time in development. The company has to analyze a huge amount of data in order to analyze the top 95% of all the crypto assets in the market today and this requires a lot of effort, so the money will mostly be used to support this.
Collins has also affirmed that another challenge that the company will face is that the team is looking to create and analyze “gapless data”, which takes into account time zones, ticker symbols, offline markets, etc.
The CEO has also affirmed that the market is finally “wising up” after the “irrationality” of 2017 in which people invested too much money in bad companies. Now, they want clean, hard guidelines and good teams.
At the moment, the data that has already been processed can be analyzed using the Nomics API. The API is set to provide the user with a historical and real-time financial data for many assets. According to Collin, soon there will be millions of new pages available on the API that will provide information about crypto trading.
He affirms that the data product and the API for businesses and institutions will look a lot like API endpoints and that more aggregate data and indicators will be used to qualify the data before the product is finally ready to be used as it was meant to be.
The service will also be used as a way to track and analyze individual orders and this data can be used by hedge funds later to develop trading algorithms. The company has more than 3.5 billion data points and around 35 million API calls monthly. The company was only founded in 2018 and it has made quite a lot of work so far.