Coin Metrics has raised $6 million in a Series A funding round, the startup revealed on March 26. The funding round was led by Highland Capital Partners with participation from a number of top VC firms. The startup will channel the funding to growing its team and expanding its suite of products for the institutional investors.
Founded in 2017, Coin Metrics has grown to become one of the most renowned providers of actionable digital currencies’ market and network data. It provides this data to professional investors, helping them make more informed decisions regarding their trading activities.
The funding round was led by Highland Capital Ventures, a Boston-based venture capital firm that has previously invested in Malwarebytes, Harry’s and Carbon Black. Others who participated include the Digital Currency Group, the Collaborative Fund, Raptor Group, Coinbase Ventures, Castle Island Ventures and Avon Ventures.
Coin Metrics has been one of the firms that have benefitted greatly from the rise of institutional digital currency investors. This group requires extensive information before they make their trades. This has seen the startup “secure enterprise contracts with tier one traditional asset managers, bulge bracket global investment banks, traditional hedge funds, crypto hedge funds, crypto native asset managers and crypto exchanges.”
As the startup has grown, it has attracted top talent from other top tier firms. They include its new CIO Kerry Yndestad, a former executive at Refinitiv. Kerry has previously worked at Thomson Reuters, where she worked alongside the current CEO Tim Rice. Katie Chase, a former executive at Fidelity also recently joined the startup as its COO.
The startup was lucky enough to raise money before the COVID-19 pandemic struck. The founder Nic Carter told Decrypt “Coin Metrics was lucky and prudent to raise before the economic crisis hit and they have plenty of runway to get to cash flow positive, hopefully within the next 12 months.”
The investors are confident that Coin Metrics will keep growing as investors seek to make informed decisions about digital currencies. Sean Judge, the principal at Highland Capital Partners commented, “Financial institutions require clean and transparent data to make decisions. These same requirements exist for Bitcoin 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.”
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