Blockchain analytics startup Coin Metrics has raised USD 1.9 million from asset management firm through seed funding, including asset management firm Fidelity. The report was published by Fidelity on February 28.
The seed funding round was also led by Castle Island Ventures which also saw participation from Dragonfly Capital and Highland Capital Partners.
Fidelity Digital Assets posted on Twitter that it is pleased to support the data providers like Coin Metrics.
— Fidelity Digital Assets (@DigitalAssets) February 27, 2019
Coin Metrics presents transparent and actionable data to various industry stakeholders. The report also stated that the firm began as an open source project and tapped into the expertise of a community of developers to become a significant industry resource.
Tim Rice, co-founder and CEO of Coin Metrics said in press release:
“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.”
Rice mentioned the firm’s mission is to develop a best in class data company from the base. This is to ensure the type of support and quality that top tier funds and asset managers expect. He further added that the firm is utilizing its groundbreaking work in on-chain network data by using the same accuracy to exchange market data backed by a state-of-the-art data collection and delivery infrastructure.
Nic Carter of Castle Island Ventures said in the press report- “I truly believe cryptoasset data is the richest economic dataset on the planet today, which is why myself and Aleksei started the project two years ago. I am very excited to demonstrate the strength of our analysis to our early clients and to continue to build a public resource that the world can enjoy.”
With the rise in use-cases in blockchain sector, an extensive demand is created in the market for blockchain analytics companies. Recently, leading cryptocurrency exchange Coinbase acquired Neutrino to prevent illegal activities involving the exchange’s accounts proactively.
Fidelity Investments is currently offering its new cryptocurrency custody and trading platform with a handful of selected institutional clients ahead of a full-scale commercial launch.