Goldman Sachs Leads $15 Million Investment in Coin Metrics
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Answer Goldman Sachs Leads $15 Million Investment in Coin Metrics
Yesterday, May 5, Coin Metrics, a cryptocurrency-related financial data tracking service, said it has closed a $15 million Series B funding round.
In addition to Goldman Sachs, which added the origin of bitcoin to its returns report last month, Coin Metrics has named some of the big names in the crypto arena such as Castle Island Ventures, Highland Capital Partners, Fidelity Investments and Avon Ventures” and “Communitas Capital”.
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Other investors participating in the second round include Acrew Ventures, Morningside Group, BlockFi and Warburg Serres Investments.
Institutions and Crypto Data:
Founded in 2017, the company, Coin Metrics, provides crypto industry analytics, data on the blockchain, market insights, and various information about crypto projects.
Coin Metrics has transformed into a more institutional client base after increasing interest in investing in cryptocurrencies over the past year.
The company recently announced several new products, including a network risk management offering called FARUM, and a comprehensive blockchain explorer called ATLAS.
Tim Rice, Co-Founder and CEO of Coin Metrics, stated that the tremendous interest the company sees in these offerings enhances the value of data for organizations that participate in crypto assets.
He added:
“It is clear that our data is well on its way to becoming an integral part of the infrastructure for the future of finance.
Matthew McDermott, global head of digital assets at Goldman Sachs, who sits on the Coin Metrics board of directors, commented that data is essential to the mainstream adoption of crypto assets by traditional investors and major players in financial services.
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Big Banks Look to Crypto:
According to Bloomberg, most major banks have remained on the sidelines so far, and this bull market was very different from the previous one in 2017/18.
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Institutions are becoming more comfortable with how cryptocurrencies operate especially with the overall market capitalization of the crypto market expanding and rising above $2.4 trillion.
Tim Rice stated that customer demand is finally drawing major banks into the crypto arena, adding:
Having a big name like Goldman Sachs as both an investor and a customer is not just a big deal for Coin Metrics, but for the industry as a whole.
It is worth noting that the Foundation “Goldman Sachs” I applied for a license from the SEC last March to launch a Bitcoin Index ETF.
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