Cryptocurrency analytics agency Coin Metrics has raised $15 million in funding led by Goldman Sachs.
The Collection B financing, led by one of many world’s largest funding banks, will probably be used to fund Coin Metrics’ world enlargement, in accordance with a statement from the corporate.
BlockFi, Acrew Ventures, Morningside Group and Warburg Serres Investments additionally joined the funding spherical. Whereas Fortress Island Ventures, Highland Capital Companions, Constancy Investments, Avon Ventures, Communitas Capital, and Collab+Forex every elevated their respective stakes within the firm.
Mathew McDermott, managing director at Goldman Sachs, will now serve on Coin Metrics’ board of administrators, the corporate stated.
“Information is essential for the mainstream adoption of crypto property by conventional buyers and monetary providers gamers,” McDermott stated in a press release. “Our shoppers will enormously profit from Coin Metrics’ institutional-grade information insights and rising danger administration instruments.”
Marianna Lopert-Schaye, firmwide technique at Goldman Sachs, added: “We’re excited to be main their [Coin Metrics] Collection B, thereby enabling their development and supporting their mission to be the main supplier of data-driven market insights and intelligence for establishments in crypto.”
Coin Metrics works to supply information to buyers about actions within the cryptocurrency world. The corporate is thought for going in opposition to the grain of generally utilized metrics.
The corporate this 12 months introduced it could be monitoring the “actual” provide of Bitcoin, for instance. And final 12 months, the agency’s lead analyst Karim Helmy suggested a brand new approach to measure miners’ exercise.
Goldman Sachs, one of many largest funding banks on the earth, has proven better curiosity in cryptocurrency as of late. The agency was beforehand skeptical however has since restarted its cryptocurrency buying and selling desk and is conserving an in depth eye on the Bitcoin market, in accordance with latest feedback by CEO David Solomon.
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