Coin Metrics raises USD $1.9 million in Funding

Cryptoasset market and network data provider Coin Metrics has raised USD $1.9 million in the latest seed round of venture funding.

The funding round was led by Castle Island along with Fidelity Investments, Highland Capital Partners and Dragonfly Capital, the announcement said.

Founded in 2017 by Nic Carter and Aleksei Nokhrin as an open source blockchain network data and analytics project, Coin Metrics publishes hard-to-acquire, actionable and transparent data about public blockchains. The company also provides market and network data, analytics and research to the community and wider industry.

Executive Opinion

Co-founding CEO of Coin Metrics, Tim Rice, said, "All of our investors are bought into the idea that the next phase of crypto asset investing requires robust comprehensive data and infrastructure.  Having this premier group as investors is a great vote of confidence. We are building a world-class data company from the ground up to ensure the type of support and quality that top tier funds and asset managers expect. Coin Metrics is leveraging its groundbreaking work in on-chain network data by deploying the same rigor to exchange market data supported by a state-of-the-art data collection and delivery infrastructure."

"Our approach to aggregating cryptoasset market data will use the guiding principles from the IOSCO Benchmark for Financial Benchmarks. We intend to bridge the wild west crypto market data world by translating fair value measurements, similar to FASB 157, meant to provide a credible confidence level assessment of fair value pricing for any particular market," Rice added.

Demand for Data Insights

As with any other investment, it requires a great deal of insights into underlying assets. The same is true with investments in crypto assets and it requires the right mix of data insights into their blockchain activities to make the right investment decisions.

Coin Metrics publishes its public blockchain data insights to financial enterprises, funds, media and research outlets, and data/application providers.

The announcement further added that Coin Metrics' data empowers its clients and the public to better understand, value, use, and engage with blockchain based assets.

In November 2018, Coin Metrics brought Tim Rice, a former Thomson Reuters executive as its co-founding CEO.