By
Chimamanda U. Martha
March 13th, 2024
Coin Metrics has raised $6 million in its Series A funding round. The company will use the money raised to diversify its product line and expand its team.
The leading provider of crypto-asset market data Coin Metrics has completed its Series A funding round. In the round, the company has raised as much as $6 million. The leading participant was global venture capital firm Highland Capital Partners. Coinbase Ventures, Fidelity Investments, LLC, Castle Island Ventures, Communitas Capital, Collaborative Fund, Avon Ventures, Raptor Group, and Digital Currency Group took part as well.
Coin Metrics Series A Funding Round
According to Coin Metrics’ blog post, the company will use the money to diversify its product line and expand its team.
As Highland Capital principal Sean Judge stated, more and more traditional investors are entering the space of digital assets. Therefore, improving data quality was unquestionable.
Judge said:
“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.”
Notably, Highland Capital Partners has also supported Coin Metrics in February 2019 when the company was running seed funding round. At that time, Castle Island Ventures was the leading participant. Dragonfly Capital and Fidelity Investments backed Coin Metrics as well, expressing their deep interest in the crypto industry. Then, Coin Metrics managed to raise $1.9 million.
About Coin Metrics
Established in 2017, Coin Metrics positions itself as an all-in-one crypto financial data provider for institutions. The company emerged as the trusted brand for building institutional-grade crypto asset infrastructure. Besides, it provides valuation frameworks for investors and empowers them to better understand, value, use, and ultimately steward public crypto networks. Coin Metrics’ mission is to onboard the world’s premier financial institutions into crypto with the most trusted data and insights.
Coin Metrics CEO Tim Rice said:
“Our ability to distill operational and economic activity occurring on a blockchain network, by running full nodes and performing deep analytics, is imperative for broader institutional investment in this space. Recent cryptoasset volatility and the insights we have been able to provide customers highlights the importance of the work we are doing.”
In addition to Series A funding round, Coin Metrics has also welcomed new members to its professional team. In particular, new to the management team are Kerry Yndestad (CIO) and Katie Chase (COO). Both of them have a great experience as technology leaders in traditional capital markets data. The company’s board of directors has also seen some changes. It welcomed Bob Davis, General Partner at Highland Capital Partners.