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The funds raised will be used for developing new products and recruiting more people for the Nomics engineering team in 2019.
Nomics, cryptocurrency data start-up, has finished its Series A funding round, in which it managed to raise $3 million. The funding was led by Coinbase Ventures and Arthur Ventures, among the participants also were CoVenture Crypto, CityBlock Capital, Digital Currency Group, King Capital, TokenSoft, Polymath and the BitGo founder Ben Davenport.
⚡️ “Nomics Series A Fundraising Announcement”https://t.co/EvrCB8RDQN
— Nomics Crypto (@nomicsfinance) December 18, 2018
According to Clay Collins, CEO and co-founder of Nomics, the money raised will be used to develop new products. He said that the primary goal of the company is to expand its index of cryptocurrency data to total 95 percent of the lifetime of activity in the field.
“While it’s a fairly trivial task to price (and have listings for) 95 [percent] of all cryptoassets, getting raw ticks/trades, all on-chain data, and orderbook data (including historical order book) for these assets can prove to be quite an engineering challenge.”
Currently, Nomics employs five full-timers—two in Minneapolis, one in Boston, one in Michigan and one in the Czech Republic. With the latest funding round, the company is expected to recruit more people for its engineering team in 2019.
Nomics is an API-first crypto assets data company that delivers professional-grade market data APIs for institutional crypto investors and exchanges. Nomics offers products and services that allow funds, fintech apps, and exchanges to access clean, normalized and gapless primary source trade and order book data. The company’s mission is to grow the decentralized financial system by making it accessible and understandable to data-driven investors.
CEO Clay Collins said:
“There’s just so much in the graveyard of dead tokens stored in exchanges that don’t exist anymore. Just in terms of being an archivist in the space—‘How many tokens are gone?’ ‘What’s the average lifespan of a token?’ ‘How many coins have done over $1 million in daily volume and ended up dying?’—these are all the kinds of questions you might be able to answer” with a wider pool of data.”
He has also affirmed that the market is finally “wising up” after the “irrationality” of 2017 when people invested too much money in bad companies. Now, they want clean, hard guidelines and good teams. And Nomics is intended to provide such an opportunity.
Users can access the data using the Nomics API, which provides both historical and real-time financial data on different tokenized assets. The company is seeking to unite the data from different exchanges and go deeper than competitors. According to Collins, “part of the purpose of this fundraising was to go as wide as we can while maintaining this level of depth. A lot of our competitors started very wide but without much depth.”
Nikhil Kalghatgi, a partner at CoVenture Crypto, stated:
“Over time cryptocurrency data has become more expensive and complex to standardize. Unlike traditional markets where data feeds come from a central source, such as the NYSE, in the world of crypto, each exchange develops its own set of APIs. With different methods of organizing data, investors have problems with consistency and scalability. Nomics helps produce clean, consistent data, which is an integral part of the cryptocurrency infrastructure.”
Founded this year, Nomics seems to have quite ambitious plans and a prosperous future. Arthur Ventures partner Patrick Meenan has the same opinion:
“The Nomics API is well-equipped to keep pace with growing investor demand for accurate, gapless crypto market data. Some of the largest industry players are Nomics customers and investors. The API product has made an impression on the market and with our investment, the company is well-positioned to accelerate growth and continue to meet growing demand.”
Currently, Nomics indexes over 3.5 billion data points and services over 35 million API requests from its customers every month. In the near future, Nomics is planning to have millions of new pages available on the API that will provide information about crypto trading.