Coin Metrics announced successful fundraising led by Goldman Sachs. The latest round of fundraising brought an additional $15 million funding.
The crypto financial intelligence company plans to leverage the new money for improving the products and expanding its teams. The previous investor of Coin Metrics increased their investments in the company in the successful Series B round.
Traditional Money Coming to Crypto
Many cryptocurrency projects have been successful in fundraising from traditional investment companies in the past years. They’ve tried hard to attract traditional investors and show the capabilities of the novel blockchain technology to them.
When big financial institutions like Goldman Sachs join these investment programs, there’s a good sign that blockchain has been successful in expanding its reach. Coin Metrics is the latest example in this matter. The company managed a $15 million Series B fundraising that involved many big names from the investment world.
As mentioned above, Goldman Sachs led the Series B fundraising for Coin Metrics. Acrew Ventures, Morningside Group, BlockFi, and Warburg Serres Investments were the new investors that joined Coin Metrics in the latest round. Previous investors like Castle Island Ventures, Highland Capital Partners, Fidelity Investments, Avon Ventures, Communitas Capital, and Collab+Currency also increased their investment in the blockchain company in this round. The Series B fundraising for Coin Metrics also comes with a new board member for the company. Mathew McDermott, Managing Director at Goldman Sachs, joins the board of directors.
Coin Metrics provides various services for companies working in the cryptocurrency field. Big institutions that work with cryptocurrencies receive intelligent data like network data, market data, indexes, and network risk solutions from Coin Metrics. These data sets help them achieve more intelligent decisions in the cryptocurrency world. The new financing for Coin Metrics helps the company expand its reach and provide services for more companies worldwide.
The previous fundraising round – Series A – for Coin Metrics happened in 2019. The team has been successful in the past years, expanding the team and improving the services. They attracted many young talents and tech veterans for creating a comprehensive team. The new finance will be used for finding new talent and improving the products more. Marianna Lopert-Schaye, in Firmwide Strategy at Goldman Sachs, said about this round:
“Coin Metrics is at the forefront of innovation and institutionalization in the digital asset markets. We are excited to be leading their Series B, thereby enabling their growth and supporting their mission to be the leading provider of data-driven market insights and intelligence for institutions in crypto.”
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